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Form 1120s, Schedule L

Corporate Law Discussions

Form 1120s, Schedule L

Postby Dominic » Fri Dec 02, 2016 5:04 am

s About Taxes)/Form 1120S, Schedule L Advertisement Expert: John Stancil, CPA - 1/31/2009 I am attempting to prepare my own corporate tax returns through Turbo Tax Business.  I do not understand where the figures come from in Schedule L, particularly cash at the beginning of the year and end of the year.  Do I just take that from my available balance on my bank statement?  Item 7 asks for loans to shareholders.  Previously I had an accountant prepare my returns, but when he failed to do so for 2007, I thought I would attempt to prepare them myself.  Is the loan to shareholder number the interest paid or fee paid for any loans I may have obtained over the year for which I am preparing?  Basically, I cannot understand where just about all of the figures are arrived at.  Any general assistance you can render would be most appreciated.
Dominic
 
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Form 1120s, Schedule L

Postby Filmore » Sat Dec 03, 2016 1:15 am

Roe,

Thanks for your question.

The numbers for Schedule L come from your financial records that you should be maintaining.  All of these accounts should be reflected in the corporate books.  Loans to shareholders is simply that - any corporate loans to shareholders for whatever reason.

Hope this helps.

John Stancil, CPA
Filmore
 
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Joined: Sun Jan 19, 2014 1:55 am

Form 1120s, Schedule L

Postby Omar » Wed Dec 07, 2016 10:33 pm

s About Taxes)/Form 1120S, Schedule L Advertisement Expert: John Stancil, CPA - 1/31/2009 I am attempting to prepare my own corporate tax returns through Turbo Tax Business.  I do not understand where the figures come from in Schedule L, particularly cash at the beginning of the year and end of the year.  Do I just take that from my available balance on my bank statement?  Item 7 asks for loans to shareholders.  Previously I had an accountant prepare my returns, but when he failed to do so for 2007, I thought I would attempt to prepare them myself.  Is the loan to shareholder number the interest paid or fee paid for any loans I may have obtained over the year for which I am preparing?  Basically, I cannot understand where just about all of the figures are arrived at.  Any general assistance you can render would be most appreciated.
Omar
 
Posts: 49
Joined: Fri Jan 10, 2014 5:25 pm


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