S Corporation Tax Filing Checklist | TripleH CPA PLLC

Filing an S Corporation return requires a specific set of financial records and shareholder details to ensure accurate reporting and compliance. This checklist outlines the essential documents your business should provide for a complete and timely preparation of Form 1120S and the related shareholder K-1s. Whether you are a new or continuing client, these items help us verify your company's income, expenses, distributions, and year-end balances so we can deliver a precise and efficient tax filing process.

1. Company Information

Legal business name and EIN - Employer Identification Number
Business address - Current mailing and physical addresses
State of incorporation - Where the business is legally registered
S Corp election confirmation (Form 2553) - Copy of filed election
Shareholder names and ownership percentages - As of December 31
Any ownership changes during the year - Sales, transfers, or new shareholders

2. Financial Summary

Profit & Loss Statement (full year) - Detailed income and expense report
Balance Sheet (year-end) - Assets, liabilities, and equity as of December 31
Depreciation schedule (if applicable) - Current year additions and disposals
Inventory totals - Beginning, ending, purchases (if applicable)

3. Income Documents

1099-K (if applicable) - Payment card and third-party network transactions
1099-NEC or 1099-MISC received - Non-employee compensation and miscellaneous income

4. Expense Related Documents

Payroll reports - W-2 Form
Vehicle mileage/actual expense summary - Business use documentation (if applicable)

5. Shareholder Information

Shareholder W-2s - Compensation paid to shareholder-employees
Health insurance premiums paid for shareholders
Retirement contributions - SEP, SIMPLE, or other plan contributions
Distributions taken during the year - Cash or property distributions to shareholders
Capital contributions - Additional investments made by shareholders

6. Loans & Assets

Schedule or summary of any new loans - Lender, amount, date, balance
Loan interest totals for the year - Paid to each lender
New asset purchases or disposals - Equipment, vehicles, property

7. Prior Year Tax Documents (If a new client)

Prior year 1120-S return - Most recent filed S Corporation return
Prior year K-1s - Shareholder Schedule K-1 forms
Prior year depreciation schedules - Fixed asset records

Important Note

Providing complete documentation helps ensure accurate tax reporting and may prevent delays in filing. If you're missing any items from this checklist, please contact our office as soon as possible so we can help you gather the necessary information or discuss alternative documentation options.

TripleH CPA

S Corporation Tax Filing Checklist: What You Need for Form 1120S