Requirements for Tax Return Project
You are working as a paid tax preparer for a Portland accounting firm. Your supervisor has asked you to prepare the 2021 Tax Return for ABC Corporation.
The information needed to complete the 2021 Tax Return can be found in TaxReturnProblem.docx
Comments on IRS Forms
Form 1120 (6 pages)
Use Form 1120, U.S. Corporation Income Tax Return, to report the income, deductions and to figure the income tax liability of a corporation.
Use Form 1125-A to calculate and deduct cost of goods sold for certain entities.
Certain entities with total receipts of $500,000 or more use Form 1125-E to provide a detailed report of the deduction for compensation of officers.