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1120s Schedule B 1 Instructions This is an early release draft of an IRS tax form, instructions, or publication, which the IRS is corporation by filing Form 2553, (b). IRS accepted the 1. Schedule

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How to fill out 1120s schedule b 1

01

To fill out 1120s schedule b 1, follow these steps:

02

Start by entering the corporation's name and employer identification number (EIN) at the top of the form.

03

Provide the information about the corporation's principal business activity in the designated section.

04

In Part I, report the total receipts for the tax year and allocate them into different categories as specified.

05

Follow the instructions to complete Part II, which is about the cost of goods sold. Provide the necessary details such as the opening and closing inventory, purchases, and other adjustments.

06

If there are any deductions or adjustments to the cost of goods sold, enter them in Part III.

07

In Part IV, report the gross profit or loss by subtracting the cost of goods sold and adjustments from the total receipts.

08

Complete the remaining parts of the form as required by the specific instructions provided.

09

Double-check all the information entered to ensure accuracy.

10

Sign and date the form before submission.

Who needs 1120s schedule b 1?

01

1120s Schedule B 1 is required for S corporations that have gross receipts of $250,000 or more in a tax year.

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