S Corporation Tax Return Checklist

Colorado S Corporation Tax Filing Checklist

Use this checklist to organize the records for your annual S corporation return and coordinate the business filing with shareholder returns. It is a preparation starting point; the return year, business activity and engagement scope determine the work needed.

Annual Returns Versus Forming an S Corporation

Annual income tax preparation is a different engagement from forming an entity or making or correcting an S corporation election. Form 1120-S reports an entity’s income and other tax items for a year covered by its S election. Provide the election acceptance and prior filings if classification is uncertain, and request a scope review before starting an annual-return engagement. See forming a Colorado business versus electing S corporation tax treatment for the distinction and election-review options.

Records to Gather Before Filing

• Prior-year federal and state returns, shareholder K-1s and any election correspondence.
• Year-end income statement, general ledger, beginning and ending balance sheets, and account reconciliations.
• Payroll reports, owner compensation and shareholder health-insurance records.
• Shareholder ownership details, contributions, distributions and loan activity.
• Available stock and debt basis schedules and prior-year carryforward records.
• Asset purchases, disposals, financing and depreciation schedules.
• State filing history, activity in other states and tax-payment confirmations.

Federal and Colorado Filing Steps

1. Confirm the entity’s tax classification, return year and states involved.
2. Gather and reconcile the books, payroll, asset and shareholder records.
3. Identify the federal Form 1120-S and Schedule K-1 reporting and applicable Colorado DR 0106 work in the engagement scope.
4. Coordinate shareholder information with the related individual returns.
5. Review the prepared returns and sign the required authorizations before filing; retain copies with the supporting records.

Use the official IRS Form 1120-S resources and Colorado DR 0106 resources for the year being filed. Filing dates, extensions and additional requirements should be checked against the applicable year’s instructions.

When Your Books Need Additional Review

Unreconciled accounts, missing beginning balances, payroll discrepancies, shareholder loans or incomplete basis records can require work beyond routine return preparation. Identify these issues before checkout so the scope and fee can be agreed. See the Schedule L and balance-sheet guide for background on balance-sheet reporting.

Choose the Right Preparation Scope

Compare the S corporation return without balance-sheet reporting and S corporation return with balance-sheet reporting. Each service lists its current fee, limits and exclusions. Coordinate the business return with shareholder individual tax preparation, and contact us for a scope review if additional work is needed.

Frequently Asked Questions

Can these records be provided electronically?

Yes. Organized electronic records are generally efficient, provided they are complete, readable, and grouped by tax year or business activity.

Should prior-year returns be included?

Yes. Prior-year federal and state returns often provide important carryforward, depreciation, basis, and payment information.

Related Tax Resources

• S Corporation Tax Return Preparation (Form 1120-S)
• Estimated Tax Planning