Are Form 1120 Schedule M 3 Supporting 2019-2024

To complete a business return, you must first download and install the business package and business update located in the updates menu. Once installed, select business from the main menu of Tax Layer Pro. For our tutorial, we'll complete an 1120s S corporation return. Begin by entering the company's cin and then select yes to create a new return. Similar to completing an individual return, enter the company name, data incorporated, street address, and zip code. After entering the zip code, the city and state will auto-populate. Click OK at the name and address menu. You can make any corrections to the previously entered information at the name and address menu. Additionally, enter the name of the company officer, his or her title, and contact phone number. Once this information has been entered, you may exit the name and address menu. You'll be prompted for your preparer code, so enter your code and press enter. You'll now be at the heading information menu. If this is a fiscal year company, enter the beginning and ending dates in the fiscal year menu. Select the other information that you need in this menu. If you will be electronically filing the return, be sure to enter the company's date of S corp election as well as the business code. These are electronic filing requirements for S corporation returns. Exit to the heading information menu and then exit to the main 1120s menu. Again, the 1120s program's input screens are very similar to the individual 1040 program's input. On the screen, you'll notice that the program follows the flow of the 1120s for the income section. First, enter the income received. You may select the income menu or simply double-click on the underlined word "income" on the 1120s form input area. Here, you can...