JKD Corporation (EIN 78-2041013), an S corporation,is a small knitting store managed on an accrual basis. Its address is 567 Skein Street, Anchorage, AK 99501. The company was incorporated on January 2, 1999, and elected S corporation status on the same day. The business code is 5949. Jesse Purl and her sister, Kylie Fairisle, each own 35% of the corporation. Together they manage the store. Their father, Devin Garter, owns the remaining stock.
Kylie Fairisle’s SSN is 734-20-4103, and her address is 987 15th Street, Anchorage, AK 99501.
The following amounts are from JKD’s year-end records:
Inventory, January 1, 2020 (at cost)
$ 35,800
Inventory, December 31, 2020 (at cost)
32,200
Purchases (net)
134,900
Sales revenue
249,000
Sales returns and allowances
16,850
Taxable interest income
4,250
Tax exempt interest
6,050
Depreciation expense
7,000
Bad debts expense
1,800
Repairs and maintenance
3,300
Interest expense (business related)
2,600
Payroll taxes
7,800
Compensation of officers
36,000
Salaries and wages
24,350
Rental of equipment
750
Charitable contributions
8,400
Advertising
1,400
Total assets, December 31, 2020
88,940
Additional information discovered while interviewing the controller:
• Actual uncollectible accounts during the year were 1,500
• MACRS depreciation is $5,150
• UBIAA is $62,740
• Beginning OAA is $19,060
• Beginning AAA is $42,080
• Distributions (all cash) made during the year were $24,700
Based on this information, JKD has asked your firm to prepare its 2020 Form 1120S. Your supervisor has asked you to prepare JKD’s Form 1120S along with Schedules M-1, M-2, K, and one K-1 (for Kylie only). Other members of your firm’s team will research and prepare Schedule L and any other required schedules for your client (and you will not have enough information to complete these, but you can submit them blank if you wish).
Notes: There are never pennies on a tax return; use normal rounding rules unless instructed otherwise in the form’s instructions. There are never negative numbers on a tax return unless specifically stated on the form. Make sure all your forms are from the same year. Use the instructions for each form to understand how to enter the information on that form. I do take off points for pennies and negative numbers.
You MUST submit one file that contains all required forms in the correct order. For clarity, this means one PDF document (not a zip folder and not a PDF portfolio). I pre-grade as a convenience to you – having only one file to scroll through makes this time effective for me! If you send me a return to pre-grade, I will only look at one file, so if it’s not combined, I will only review the 1120S. Please use proper email etiquette. Include your name in the file name. If you turn in a portfolio, zip file, or multiple files, I will reduce your grade by 20%. If you need help figuring out how to do this, ask me, your classmates, or look for YouTube videos!
Please be wary of “fillable” forms online. MOST OF THE TIME, the amounts do not come through when you send them to me. PLEASE print these to PDF or print them out, rescan them, and verify that your numbers are visible there before submitting them to me. Therefore, it is good to work on this project early and submit it to me BEFORE the deadline. If you submit a blank document, your grade will be zero.
Due Date: Submit it through Blackboard by the due date in the syllabus.
Additional Information:
Just as you would with a client, if you have questions about the information provided, you may ask me. To do so, please put your questions in an email. I will give you as much information as a client would be able to do. If you need help with the tax return itself, please see me during office hours. Be sure your email is as professional as it would be for a real client!
ADVISE ABOUT FORM 1120S. Unlike an individual or corporate tax returns, this is an information return. S corporations that have never been C corporations will not have a tax liability. When you get to Schedules K and K-1, you will be repeating information to provide it differently from Form 1120S – think of different audiences.
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