Question

the form 1120s balance sheet is presented on what schedule?

Answer 1

The FORM 1120s is a document that LLCs and S Corps taxed as S corps need to complete to report their income, assets, liabilities, deductions, expenses and credits. Similar to partnerships all net earnings is passed onto the shareholder's and reported by them on their individual federal income tax filings.

The balance sheet portion of a business is reported on FORM 1120s under Schedule L. The purpose of this Schedule is to provide the IRS with a summary of the business' assets, liabilities and equity at the end of the taxable year. This schedule needs to presented however only if the answer to one question in Schedule B Part 10A and Part 10B is "NO". The question being if the total assets of the business at the end of the tax year is less than $250000.