What reports do you have your TP run if they are a S Corp, to do their tax return? Aslo where do you report Vehicle expenses on the 1120S? This client is a plumber and they have vans they use in their business. Thank you for your answers.
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Do you mean what bookkeeping reports?
The vehicle questions are answered on pg 2 of 4562. -
S Corp
Yes I'm looking for what reports to run from their accounting program. Thank you for the other info. I'm assuming the expenses just go under other deductions, repairs, etc?Comment
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I would ask for income statement, balance sheet, gl detail and ending checkbook reconcilliation.Comment
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Thank you for the response. Are you using the Cking accts last statement for ending balance on hand at the end of the year?Comment
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I use the balance sheet compared to the final bank recocilliation for the tax year.Comment
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Van expenses
If the s corp owns the van, you would deduct the actual expenses paid.
If the shareholder/owner owns the vehicle, the corp can reimburse him for mileage.
Linda FComment
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