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I own a S Corp, only single owner. I am filing for the year…

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I own a S...

I own a S Corp, only single owner

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I am filing for the year 2017

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I see a new form in my return Schedule M-2 / Retained Earnings Worksheet I didn't see that last year would like to know why

Submitted: 4 months ago.Category: Tax
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Answered in 3 minutes by:
3/14/2018
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 4 months ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,085
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Hi from Just Answer. I'mCustomer and can assist.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 4 months ago

I think the 1120S is a five page form, and the fifth page was the M-2 reconciliation. Let me pull up the form for 2016 and confirm. One moment please...

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Customer reply replied 4 months ago
Could you please explain this form. I thought all the income will flow through my individual tax via Schedule-K and I will file as individual income tax.... I am not sure about retained income... please explain.... Schedule M-2 / Retained Earnings Worksheet...
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 4 months ago

The M-1 and M-2 schedules were page 5 on last year's 1120S.

I just saw your question about reporting. Can I offer a phone call to assist?

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