An 1120S is a corporate income tax return and the Schedule L is a balance sheet for the corporation. The balance sheet will state the corporation’s assets such as cash, land, depreciable assets, loans to shareholders etc. Furthermore, the balance sheet will state the corporation’s liabilities such as mortgages, accounts payable, loans from shareholders and other liabilities and the shareholder’s equity.
The video below has been prepared by a tax attorney at The McGuire Law Firm to provide additional information regarding a Schedule L on an 1120S. If you have any tax questions or issues and need to speak with a tax attorney in Denver, contact The McGuire Law Firm to schedule a free consultation.