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SCHEDULE B1 (Form 1120S) (Rev. December 2016) Department of the Treasury Internal Revenue ServiceInformation on Certain Shareholders of an S Corporation Attach to Form 1120S. About Schedule B1 (Form

How to fill out 1120s schedule b

How to fill out 1120s Schedule B?

1. Gather necessary information: Before filling out Schedule B, ensure you have all the relevant information required. This includes details about each shareholder's ownership percentage, the type of shares held, and any changes in ownership during the tax year.
2. Complete Part I - Information on Shareholders: In Part I of Schedule B, provide the required information about each shareholder of the S corporation. This includes their name, address, social security number or employer identification number (EIN), percentage of ownership, and the number of shares held.
3. Complete Part II - Consent to Disclose: In Part II, obtain the consent of each shareholder to disclose their tax information to the IRS. It is important to obtain this consent to comply with tax regulations and avoid any penalties.
4. Complete Part III - Tax-exempt Shareholders: If your S corporation has any tax-exempt shareholders, such as charities or certain types of organizations, provide the necessary information in Part III. This includes their name, address, and EIN.
5. Complete Part IV - Summary of Principal Shareholders: In this section, summarize the information about the principal shareholders of the S corporation. Include their name, social security number or EIN, percentage of ownership, and the number of shares held.
6. Review and sign: Once you have completed all the required sections of Schedule B, carefully review the information provided to ensure accuracy. Make sure all names, addresses, and identification numbers are correct. Then, sign and date the form.

Who needs 1120s Schedule B?

1. S corporations: S corporations are required to file Form 1120S, which is the U.S. Income Tax Return for an S Corporation. Within this form, Schedule B must be completed to provide information about the shareholders of the S corporation.
2. Shareholders of S corporations: Shareholders of S corporations need Schedule B to disclose their ownership percentage, consent to disclose tax information, and provide other relevant details required by the IRS. This information helps the IRS track and verify the income and tax liabilities of both the S corporation and its shareholders.
3. Tax professionals and accountants: Tax professionals and accountants who assist S corporations with their tax filings need to be familiar with Schedule B. They help ensure the accurate completion of this form, adherence to tax regulations, and the appropriate disclosure of information for both the S corporation and its shareholders.

Instructions and Help about 1120s schedule b

Hey what's up guys this is Josh with CPA on fire, and today we're going to look at how to fill out form 1120s which is the tax return for S corporations okay so the only people that would be using this form are people who have made an election to be taxed as an S corporation, so we'll look at the beginning here you just go over the basic info part a wants to know your s election effective date this will probably be January 1st of whatever year you made the election okay so let's assume that it was for this year all right so one 114 Part B wants to know your business activity code and this is just a code that describes what you do in your business you can find these online if you google tax code or a business activity codes it'll be a list from there for you there's tons and tons of them, so you'll have to sort through and find yours ID you're using tax software it's probably going to give you a choice of them so for now it's a six-digit code we're just going to use the one for other business which is nine nine nine nine nine nine all right, so you come up here they want to know the name of your business, so we'll just use mine as an example all right, and they want to know your address this is the address of the business not your personal address for a lot of you that will be one and the same that's okay so 123 extra city or town okay, so all basic information there box D here that's your employer identification number now this is not your social security number this is a separate tax ID number that you have for your business, and you have to have one of these to be an S corporation so if you never got one you're probably not an S corporation it'll be a seven or a nine-digit number two digits a dash and then seven more okays, so you know what that number is the date incorporated, so this is when you became either a corporation or an LLC okay, so you had to do that before you became an S corporation you can find that in your articles of organization or whatever you used to set up your operation or LLC, so we'll just assume that it was on the same day 14 total assets don't worry about this line for now um you'll, you'll find out if you need to do that or not we'll talk about that here shortly okay, so we go down to box G here or line G is a corporation electing to be an S corporation beginning with this tax year so if this is your first time filing in 1120 s, and you never filed the form 2553 that you were supposed to file click yes okay otherwise click no line H check if one it's your final return, so that would be if this is if you are your business was going out of business this was the last year that you had to file a tax return you're going to click that click box — if you had a name change during the current year 3 if you had an address change for if this is an amended return so if you ready filed your return you're just making changes to it now and 5 if the S selection termination or revocation okay, so this is your last you're just filing...

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What is 1120s schedule b?

1120S Schedule B is a form that shareholders of an S corporation use to report the shareholder's ownership percentage, address, and tax identification number.

Who is required to file 1120s schedule b?

Shareholders of an S corporation are required to file 1120S Schedule B along with their individual tax returns.

How to fill out 1120s schedule b?

To fill out 1120S Schedule B, shareholders need to provide their ownership percentage, address, and tax identification number in the designated fields on the form.

What is the purpose of 1120s schedule b?

The purpose of 1120S Schedule B is to report shareholder information to the IRS for tax purposes.

What information must be reported on 1120s schedule b?

Information such as the shareholder's ownership percentage, address, and tax identification number must be reported on 1120S Schedule B.