EXERCISE 10.1: WEB QUEST When setting up a chart of accounts for a business, it is helpful to review the tax form that the business will use. Then accounts can be used to track information needed for the business tax return. The tax form used by the type of organization is listed below. | Type of Organization | Tax Form | | Sole Proprietorship | Schedule C (Form 1040) | | Partnership | Form 1165 & Schedule K-1 | | Corporation | Form 1120 | | S Corporation | Form 1120S |
In this exercise, you will download the tax form for a subchapter S corporation from the Internal Revenue Service web site. Step 1: Go to the Internal Revenue Service web page: www.irs.gov Step 2: As shown above, an S Corporation files tax Form 1120S the tax form for a subchapter S Corporation. Using the Search Forms and Publications feature of the IRS web site, find and print Form 1120S: U.S. Income Tax Return for an S Corporation.
Step 3: Circle Advertising Expense on Form 1120S.
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