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Client Document Checklist for Form 1120S Preparation
To prepare a Form 1120S, you should request the following documents from your client:
Prior Year Tax Return
- Previous year’s Form 1120S
- Any related schedules or statements
Financial Statements
- Profit and Loss Statement
- Balance Sheet
- Trial Balance
Bank Statements
- All business bank account statements for the tax year
Income Records
- Sales receipts or invoices
- 1099 forms (if applicable)
Expense Records
- Receipts for deductible expenses
- Invoices for business-related purchases
Asset Information
- Depreciation schedules
- Purchase details of new assets
Loan Documents
- Loan statements or amortization schedules
- Interest payment records
Shareholder Information
- Shareholder’s basis information
- Shareholder K-1 forms
Payroll Records
- Payroll reports
- W-2 forms, W3 and related payroll tax returns (Form 940, 941, DE9, DE9C, etc.)
Legal and Regulatory Documents
- Copy of IRS Form CP575 (EIN confirmation letter)
- Articles of Incorporation
- Secretary of State filings
Other Relevant Documents
- Any other financial documents that could affect the tax return
- Records of any special transactions (e.g., sale of business property)
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