TAX RETURNS PROJECT FORM 1120 TAX YEAR 2015
I. IMPORTANT NOTES
A. Students can use any 2015 Tax Software (please see Notes) to prepare this tax return or Students can manually prepare the tax return by downloading tax forms via Mc Graw-Hill or IRS Websites.
Common Tax Software(s) are used. Since the tax year 2015 is over, Students may be able to get some free tax software from the followings:
1. Turbo Tax
2. HR Blocks, ect...
3. Also, in Connect Plus under Students Resources, you will see Tax Act Program for 2014. Please install Tax Act Software and prepare the return.
B. Please submit FORM 1120 YEAR 2015 with all necessary forms by PDF.
C. If you like me to check first before finally submitting the project, please email me at least a week before the due date. The draft is expected by Thanksgiving.
II. TAX FORM 1120 Year 2015
- SR & Associates Inc was established in Texas in 10/1/2006 as a C- Corporation by George Schwabs (owns 50% and Ty Cheng: 50%). The main activity is trading (wholesales) engineering materials
- Business address: 9999 Bellaire Blvd, Houston, TX 77036
- Employer Identification Number: 76-1234567
- George and Ty each own 50% of common stock. There are no other class of stocks authorized. George is President & Secretary and Ty is Vice President and Treasury. Both of them are fulltime employees. George (SSN: 123-11-3245) earned $180,000 in 2015 and Ty SSN: 123-11-3344) earned $170,000 in 2015.
- George and Ty use their office address as their own mailing address
- SR & Associates Inc uses the accrual accounting method and inventory is determined by the lower of cost or market methods. Depreciation is used as Straight-line methods for book and tax purposes.
- SR & Associates Inc follows the calendar year ended December 31.
- The financial datas for the year ended December 31, 2015 are presented in the attached spreadsheets.
- See Attached Spreadsheets for additional information on Financial Statements.
Required -
Prepare the forms 1120, including schedule L, Schedule M-1 indicating the differences between financial income and tax income, schedule M-2, Schedule G, Schedule 1125-E, etc.... The other supporting forms and schedule should be attached to form 1120
Please write your name as Preparer and Student ID as the tax preparer's ID. The tax returns should be saved in PDF files and submitted via CANVAS - TAX PROJECT by May 1, 2017
Attachment:- Assignment Files.rar