S Corporation Tax Return Preparation (Form 1120-S)

S Corporation Tax Compliance

CPA of Denver prepares federal Form 1120-S and applicable Colorado filings for closely held businesses. We coordinate the business return with the owners’ individual returns so that income, deductions, distributions, and estimated taxes are reported consistently.

Areas Reviewed

• Shareholder basis and loss limitations
• Officer compensation and payroll reporting
• Distributions and shareholder loans
• Fixed assets and depreciation
• Health insurance reporting
• Retirement plan contributions
• Schedule K-1 preparation
• Colorado filing requirements

Year-Round Planning

S corporation compliance works best when tax planning occurs before year-end. We help owners evaluate compensation, distributions, estimated payments, retirement contributions, and major purchases before the return is due.

Frequently Asked Questions

What records are needed for an S corporation return?

Typical records include the year-end profit and loss statement, balance sheet, payroll reports, asset purchases, shareholder distributions, loans, and prior-year returns.

Do S corporation owners also need individual returns?

Usually yes. The corporation issues Schedule K-1, which is reported on each shareholder’s individual income tax return.

Related Tax Services

• Tax Planning for Individuals and Business Owners
• Estimated Tax Planning
• Individual Tax Preparation (Form 1040)