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Carl
Carl, Accountant
Category: Tax
Satisfied Customers: 1
Experience:  Over 15 years experience in audit, accounting, and taxation. Georgia CPA 1990-2007.
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Can you review this tax return form 1120 given sample case

This answer was rated:

Can you look over this corporate tax return form 1120 I did based on hypothetical financial situation (pretty basic)?

Form 1120 to review: http://www.mediafire.com/?awd5w12b14m4a4i
Financial information: http://www.mediafire.com/?wjbt003ufeyqs12

Also, what information is missing that would be needed to complete the form?

[UPDATE: Download links should be working now]

Carl :

Hi,

Customer:

Hi Carl

Carl :

Hi! I hope that you're doing great. I took a look at the information you supplied and prepared a form 1120 based on what I could discern.

Carl :

By the way, the form 1120 that you sent was blank.

Customer:

oh okay, sorry about that

Carl :

This is the first time that I have responded to a Just Answer question. How can I get a copy of the return to you?

Customer:

hmm, does it let you upload it where you answer?

Customer:

if you can't upload it on here, you can do it on mediafire.com and give me the share link

Carl :

Oh, sorry. Yes, I think that I can attach files. Let me scan it and send it to you. Give me a few minutes because I'm going to have to scan the pages first.

Customer:

okay, sure

Customer:

you can also email it to me if that doesn't work

Carl :

OK. Let's try attaching first. Thanks for your patience!!

Customer:

ok

Carl :

I just sent everything. Please let me know if you got everything (I included 2 schedules-you should have gotten 8 pages). And let me know if you have any questions. Thanks!

Customer:

ok sure let me make sure i have it all real quick

Customer:

Looks to all be there! I just have a few quick followup questions about it

Carl :

You bet, I'll do my best to answer!

Customer:

Ok, First, what information (if any) was missing from the financial information that would be needed to fully complete the form

Carl :

Oh, by the way, bribes are illegal and not deductible :)

Customer:

knew that much, haha, fortunately it's just a hypothetical case

Customer:

i'm sorry, i didn't get your answer to that question -- have you sent it?

Carl :

Yeah, I figured it was a hypothetical case! I sent it, here it is again: You would need general information on the company (address and date incorporated). I see now that the social security number of the shareholder & time devoted to the business was given to you, so you can fill out the information needed on Schedule E at the bottom of page 2 except that you don't have Robert's last name. I also just noticed one thing that I missed-DHL is on the cash basis of accounting so the box that needs to be checked Schedule K on page 3 is "Cash", not "Accrual". Also, the box on page one that asks whether or not the IRS can discuss the return with the taxpayer needs to be checked. Other than that, I don't see that any other information is needed to complete the form.

Customer:

Ok, well actually that was my only other question. Thanks for answering!

Carl :

You bet. I'm going to rescan page 2 and 3 and send them to you now.

Customer:

ok that would be great

Carl :

Thanks, XXXXX XXXXX could help. I actually really enjoyed doing it!

Customer:

Thanks you have been very helpful

Carl :

My pleasure.

Customer:

By the way, I noticed your impressive resume in your profile.. I am a student studying accounting myself

Carl :

Thank you. I figured that you were an accounting student (I could tell it was a hypothetical case). Congratulations! I loved accounting (got my undergrad degree in business & accounting from UNC). Where are you studying?

Customer:

I'm studying at Fordham University in New York

Carl :

Awesome, great school. Best of luck and I'm excited that your studying accounting. As you know, it is not an easy subject and very complex. But the degree is very valuable and you will be very marketable when you graduate. Please let me know if I can ever help you again in any way. My email [email protected]

Customer:

Thank you Carl! My name is XXXXX XXXXX the way.

Customer:

I'll go ahead and accept this answer and give you your first ratings

Carl :

Nice to meet you, Mark. Thanks for being my first client here!

Carl :

Have a great week!

Customer:

You too!

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