Assets
Refers to the total amount of cash that a business can access, plus any assets that can be quickly converted to cash.
What is cash?
You will not see this in the liability section of a Schedule L for a cash basis taxpayer.
What is Accounts Payable?
This represents the initial capital contribution. For corporations, this is the par value of the stock.
What is capital stock?
What is Schedule L?
You will not see this in the asset section of a Schedule L for a cash basis taxpayer.
What is Accounts Receivable?
This is where a loan that has to be repaid within 6 months is reported.
What is Mortgages, notes, bonds payable in less than 1 year?
This is where the amount paid for the stock in excess of the par value is reported.
What is Additional Paid-In Capital (APIC)?
This is required to be tracked for all S corporation shareholders.
What is basis?
These require a proper loan note, with terms including repayment period and interest rate.
What is Loans to Shareholder?
These require a proper loan note, with terms including repayment period and interest rate.
What is Loans from Shareholders?
This is where you would make an adjustment to a shareholder's equity.
What is Adjustments to Shareholders' Equity?
This schedule follows the accounting equation of Assets = Liabilities + Equity.
What is Schedule L?
This line item of the Schedule L includes Goodwill.
What is Intangible Assets?
This is where payroll liabilities are reported.
What is Other Liabilities?
This is where stock that is repurchased by the S corp is reported.
What is Treasury Stock?
What is the due date for S corporation tax returns? (also partnerships)
This line item is a red flag if the beginning amount and ending amount are exactly the same.
What is inventory?
This is where loans that are to be repaid over a 5 year period are reported.
What is Mortgages, notes, bonds payable in 1 year or more?
Per Andrea, this is always the plug. (mostly kidding)
What is Retained Earnings?
January 27, 2025
What is the first day of filing season this year?