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Form 1120S Series - Subchapter S Corporate Tax Returns
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The 1120S federal package prepares over 60 forms, schedules, and worksheets. The data
entry screens are very similar to those used in the 1040 package. Print and calculation
times are fast.
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This package automatically carries items from Schedule K to the Schedule K-1s and prorates
among shareholders based on the number of shares owned. If shares are transferred during the
tax year, the software can compute the correct percentage based on the days held by each shareholder.
For any items that should not be prorated based on shares, you can override the distribution for
each K-1 if you choose.
It is easy to prepare a client instruction letter (filing instructions) for the corporation,
for every shareholder, or for both. Additionally, the system lets you keep track of the
adjusted basis for each shareholder.
The software includes all states that require a return for a sub-S corporation.
Massachusetts and Michigan SBT can now be e-filed.
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