Tax preparers of IRS Form 1120S ... calculation to reconcile the corporation's balance sheet on the tax return, Schedule L, with the net income or loss reported on the tax return.

You must maintain a balance sheet ... tax returns. Profits from other types of corporations are subject to double taxation since both the entity and the shareholders have to pay income tax on ...

That can result in an item of income for the business because of the cancellation of indebtedness, and once that happens, the value of the liability on the balance sheet becomes zero ...

While you may have initially opted for the sole proprietorship or partnership structure for your startup, these structures may not be practical once your business grows.

Form 1120-S is the federal income tax return ... Items Schedule L: Balance Sheet per Books Schedule M-1: Reconciliation of Income (Loss) per Books with Income (Loss) per Return Schedule M-2 ...

Specialties include general financial planning, career development, lending, retirement, tax preparation, and credit. A deferred income tax is a liability recorded on a balance sheet resulting ...