2015 S CORPORATION INCOME TAX RETURN CHECKLIST (FORM 1120S) (MINI)

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1 Client name and number Prepared by Date Reviewed by Date GENERAL INFORMATION DONE N/A 1) Identify authorized officer who will sign the return. 2) Consider if any conflict(s) of interest exist(s) between the entity and its shareholders and/or officers. 3) Consider obtaining signed engagement letter/ privilege engagement letter/ power of attorney. 4) Review permanent file, prior year returns, workpapers, correspondence, and audit results. If corporation is under examination, refer to IRS Examination Checklist. 5) Review and update the corporation s and shareholders names and addresses, fiscal year, and business code. Review shareholder list to determine >2% shareholders. 6) Review pro forma/organizer accuracy. 7) Review and update carryforward schedules including effect of prior period tax audits. 8) Review methods of accounting. 9) Determine whether taxpayer has a written accounting policy with respect to the repair and capitalization regulations (Reg (a)-1(f)(1)). 10) Consider below-market-rate loan rules C CORPORATION INCOME TAX RETURN MINI CHECKLIST (FORM 1120S) 1

2 GENERAL INFORMATION DONE N/A 11) Review financial statements and footnotes for relevant information. 12) Review Board minutes. 13) Consider state and local tax filing requirements and report necessary shareholder information. 14) Consider if disaster relief provisions apply. 15) Consider if Form(s) 926, 5471, 5472, 8621, 8858, 8865, 8886, or 8938 is/are required. 16) If fiscal year retained, determine that Forms 8716 and 8752 are timely filed. 17) Include Qualified Subchapter S Subsidiary (QSub) activity. 18) Consider federal and state e-fiing requirements. INCOME DONE N/A 1) Compare portfolio income with prior year. 2) Segregate qualified dividends. 3) Include only trade or business income on page 1, Form 1120S. 4) Calculate gains, losses, and recaptures on disposition of property C CORPORATION INCOME TAX RETURN MINI CHECKLIST (FORM 1120S) 2

3 INCOME DONE N/A 5) Consider the following: Advance payments At-risk rules Deferred income/expenses Discharge of indebtedness Economic accrual of rent Installment sales and related interest charges on deferred tax Involuntary conversions in qualified disaster areas, including livestock ( 1033(e) and (f) and Notices and ) Lease inclusion for luxury autos Like-kind exchanges Ordinary income on market discount bonds and deferral of related interest expense Passive activities Sales or exchanges between the corporation and shareholder or other related parties Wash sales Worthless securities DEDUCTIONS DONE N/A 1) Consider uniform capitalization rules. 2) For charitable contributions consider: If Form 8283 is required for noncash contributions (Note qualified appraisal requirements) Basis adjustment rules for donations of appreciated property 2015 C CORPORATION INCOME TAX RETURN MINI CHECKLIST (FORM 1120S) 3

4 DEDUCTIONS DONE N/A If adequate contemporaneous documentation was obtained for charitable contributions (Note receipts required for all cash donations) Limits on donations if property disposed of within three years 3) Determine officers/shareholders compensation. 4) Determine deductibility of vacation pay accrual. 5) Determine applicability of two and one half month deferred comp rule for nonshareholder employees and independent contractors and 409A applicability. 6) Determine that fringe benefits (including Health Savings Accounts) for more than 2% shareholders are properly reported on Form W-2 and deducted. 7) Inquire if travel and entertainment expenses are substantiated by adequate records (See Vehicle Related Guide). 8) Limit meals and entertainment to allowable percentage. 9) Consider 199 deduction for domestic production activities (Form 8903). 10) Consider limitations on personal use of business aircraft for officers, directors, and >10% owners. 11) Consider expensing for certain demolition and clean-up costs in qualified disaster areas. 12) Consider the following for officers and shareholders: Nondeductible life insurance (Other Adjustments Account). Limitation on losses, or accruals between related parties. Inadequate compensation. Split-dollar insurance treatment C CORPORATION INCOME TAX RETURN MINI CHECKLIST (FORM 1120S) 4

5 DEDUCTIONS DONE N/A 13) Review amount and timeliness of retirement plan contributions. 14) Properly report expenses allocable to portfolio income on Schedules K and K-1 and not deducted on page 1, 1120S. 15) Determine if 409A deferred compensation rules apply to compensation arrangements. 16) Consider limitations on deductibility of: Bad debts Casualty loss Club dues Lobbying expense/association dues Materials and supplies (Reg (a)-1(f)(1)) Organization expenses Repairs and maintenance (Reg (a)-1(f)(1)) Life insurance other than group life insurance Split-dollar insurance Start-up expenditures State taxes Stock option compensation 17) Consider basis limitations and at-risk rules. 18) Consider deduction for energy-efficient commercial building property for property placed in service, if extended C CORPORATION INCOME TAX RETURN MINI CHECKLIST (FORM 1120S) 5

6 DEPRECIATION/AMORTIZATION DONE N/A 1) Consider the following: 179 election 179D election, if extended Methods and lives Cost segregation study Listed property Capitalization of leased property Additional first-year depreciation, if extended Amortization of goodwill and other intangibles Like-kind exchange and involuntary conversion property rules Special 15-year straight-line depreciation for qualified leasehold improvements, qualified restaurant property and qualified retail improvements placed in service, if extended 2) Consider amending returns to elect and/or revoke 179 elections. 3) Compute alternative minimum tax (AMT) and adjusted current earnings (ACE) depreciation. 4) Compute state depreciation, if different. TAX COMPUTATION AND CREDITS DONE N/A 1) Reconcile income and expenses per return with books. 2) Consider the following: Credit recapture tax Estimated federal and state tax payments Pre S Corporation net operating loss (NOL) Carryforwards 2015 C CORPORATION INCOME TAX RETURN MINI CHECKLIST (FORM 1120S) 6

7 TAX COMPUTATION AND CREDITS DONE N/A Tax credits (see Section 510 of long form checklist for more details) Tax on built-in gain Tax on excess net passive income (exclude capital gains on stock and securities) SHAREHOLDER INFORMATION DONE N/A 1) Shareholder allocation/limitation: Attach shareholder consent and statement of election. Consider transfer of attributes in a divorce property settlement. Determine that income, deductions, and credits are allocated to the shareholders on a per-share, per-day basis. If complete termination occurred, consider specific cut off. 2) Consider election to treat spouses as one shareholder. 3) Shareholder distribution/basis computations: Determine that equity increases and decreases (Schedule M) are properly segregated among: Accumulated adjustment account (Rev. Rul ) Other adjustments account Shareholders undistributed PTI Determine proper reporting if distributions exceed accumulated adjustment account Consider electing distributions out of accumulated earnings and profits (Form 5452 required) Determine that gains are recognized and allocated to each shareholder for distribution of appreciated property Equalize distributions among shareholders when state composite taxes are paid for shareholders by corporation 2015 C CORPORATION INCOME TAX RETURN MINI CHECKLIST (FORM 1120S) 7

8 K-1 INFORMATION DONE N/A 1) Verify correctness of shareholders names, addresses, and identification numbers. 2) Properly reflect shareholders shares of all items that affect tax liability. Note: Reporting requirements for dividends Rules for charitable donations of patents and other intellectual property Rules for deductibility of motor vehicles The list of codes included with the current Schedule K-1 for other potential items 3) Segregate and report tax preference and adjustment items. 4) Determine that information relating to interest expense on debt-financed distributions has been provided. Consider optional allocation method under Notice ) Consider separate reporting of passive activities on K-1 schedules (Passive Activity Checklist) and disclosure statement for groupings of activities. 6) Consider at-risk rules. OTHER DONE N/A 1) Consider elections and statements such as: Cash vs. accrual accounting method Exception from economic performance for recurring items and three and one half month rule Expense/amortize business start-up cost (T.D. 9542) Expense/amortize organization expenses (T.D. 9542) Expense materials and supplies under safe-harbor rule (Reg (a)-1(f) (1)) (Note this is an annual election) Expense repairs and maintenance under safe-harbor rule (Reg (a)-1(f)(1)) (Note this is an annual election) Expense small building repairs (Note this is an annual election) 2015 C CORPORATION INCOME TAX RETURN MINI CHECKLIST (FORM 1120S) 8

9 OTHER DONE N/A Expense intangible drilling costs Formation disclosure statement ( 351) Grouping/aggregating passive activities Method for valuation of inventory Ratable accrual of real property taxes (first year only) Reorganization disclosure statements Research and experimental cost Separate reporting of intangible drilling costs, mining development costs and circulation costs 2) Consider change in accounting method or period. See Form 3115 or Form 1128 instructions and note requirements to file copies with IRS offices, as well as with tax return. 3) Determine if requirements for avoiding penalties for improper disclosure or use of taxpayer information by tax return preparers imposed under 6713 and 7216 have been met. Note state requirements may differ. 4) Consider risk of accuracy-related penalty ( 6662). 5) Consider 6699 penalty for failure to file timely S Corporation return or failure to contain information required under ) Determine if health plan(s) are compliant with ACA. Consider if employer may be subject to daily penalties under the provisions of the ACA as outlined in IRS Notice See also IRS ACA resource webpage and DOL and HHS issued FAQs for additional guidance. 7) Inquire whether all required information returns have been filed. Note new Form 1094 and 1095 filing requirements. 8) If the taxpayer had employees, consider new filing requirements under the Affordable Care Act. 1. Forms 1094-B and 1095-B filed by insurance companies and employers with a self-insured plan (regardless of the number of employees). 2. Forms 1094-C and 1095-C filed by applicable large employers (>50 FTEs) C CORPORATION INCOME TAX RETURN MINI CHECKLIST (FORM 1120S) 9

10 OTHER DONE N/A 9) Inquire if foreign financial accounts exist. Note e-filing reporting requirements and June 30 filing deadline for FinCEN Form 114 (FBAR). 10) Determine that shareholder loans will be treated as economic investments. See final regulation for determining basis on open account debt and gain on repayments of such debt. 11) Attach extension request. 12) Determine whether the corporation has any reportable transactions that should be disclosed on Form ) If corporation purchased life insurance on employees or directors after 8/17/06, consider whether the corporation satisfied the notification and annual information reporting requirements (Form 8925) ( 101(j) and 6039I). 14) If the corporation is a party to an applicable asset acquisition, prepare Form 8594 and file with return. 15) If the corporation purchased stock of another corporation, consider 338(h) (10) and QSub elections. 16) Consider requirements for written tax advice under Circular ) Consider preparer penalties. Consider filing Form 8275 or Form 8275R to avoid penalties for tax-shelters and non-reportable transactions. 18) Consider Schedule M-3 filing requirements and Form 8916A. 19) Note tax planning/additional service suggestions. S 2015 American Institute of CPAs. All rights reserved C CORPORATION INCOME TAX RETURN MINI CHECKLIST (FORM 1120S) 10

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