Client/Officer Info

Facts

Enter the following information for a sample client:

View Form 1120 and note the automatic completion of questions 5 and 10 on Schedule K (page 3).

Program Considerations

Client Information

• Mandatory Client Information entries are:




Corporation Name	Where Incorporated
Federal Identification Number	Date Business Began
Street Address	Business Code
City	Business Activity
State	Product or Service
ZIP Code	Location of Accounting Records
Date Incorporated	Number of Shareholders

• The program uses the Client Information entries to complete Form 1120 and where applicable throughout the return.
• The program determines the beginning and ending dates of the fiscal year based on the entry in the Fiscal Year End field. Enter the month for the fiscal year end (the program defaults to 12).
• Select cash, accrual, or other as the accounting method used by the corporation.
• Enter the number of shareholders to print on Schedule K, question 10. If the number is 75 or fewer, the program prints this information per the instructions for this line.
  

Officer Information

• The program assigns each officer a number based on the order officers are entered and based on the option for Subclient Addition. This option is found in the Program Options section of the Setup tab and is used to determine the order in which the program adds new officers. Select Append to end to add new officers to the end of the existing list using the next highest available number. Select First available slot to add new officers in the lowest available position in numeric order. If gaps exist in the current numbering, the program assigns new officers the numbers within the gaps before adding officers to the end. The program allows a maximum of 49 officers. The following Officer Information entries are mandatory:

Officer Name

Street Address

City

State

ZIP code

Social Security Number

• The program uses the Officer Information entries to complete Form 1120, Schedule E, page 2, if Schedule E is required. If the corporation is a Personal Holding Company, Officer Information also carries to Schedule PH, Part IV for officers owning more than 50% of common stock.
• Enter the stock percentages as whole numbers or in xx.xx format. Use the Constructive % owned field if it is different from the percentage of common stock owned. The program includes the officer in a supporting statement for Form 1120, Schedule K, line 5, if he/she owns 50% or more of the corporation. This ownership percentage is based on entries in the % of Common Stock and Constructive % owned fields.

How?

To enter and add officers:

1. Add the sample client.
2. Open the Officer Information screen from the Contents tab.
   
   
3. Enter the applicable information from the Officer Information table above for the first officer.
4. Click Add in the Officer list to add additional officers.
   
   
5. Enter the applicable information from the Officer Information table above for the second officer.

Tips & Shortcuts

• You can press [Ctrl]+[A] to add officers.
• When viewing Form 1120, you can simply press the number of the page you want to view.

Review

You should have entered Client Information and Officer Information for the sample client and produced the following on Schedule K (Form 1120, page 3):

Troubleshooting

Problem: Line 5 on Schedule K is not completed.

Solution: Make sure the correct percentage has been entered in the correct format for officer 1. Also, this information will not print unless Form 1120 is being generated - Suppress Form 1120-A in Screen 4.1, Miscellaneous/Other Information.

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