Form 1120-H vs. Form 1120-l 2024-2025

Okay, for this video, I wanted to cover a simple tutorial on how to complete a Form 1120 corporate tax return for the 2021 tax year. This tutorial specifically applies to a newly formed corporate entity. It's going to be a very simple example, nothing too complex. To demonstrate the process, I have a completed sample Form 1120 in front of me, along with the supporting documents. Throughout the video, I will go back and forth between the supporting documents and the return, showing you how to complete the fields and any additional forms or schedules you may need. Firstly, I have the sample Form 1120, as mentioned earlier. Additionally, I have a slide that covers the fact pattern we will be working with. This slide provides details about the company and other elements that need to be considered when completing the return. Furthermore, I have an Excel file containing sample financial statements for our fictional corporations. These statements include a profit and loss statement (P&L) and a balance sheet. On the right-hand side, we have the balance sheet, and alongside this, I have the corporate cap table. This cap table outlines important information such as the number of authorized shares, the number of outstanding shares, the par value per share, and the shareholder listing. Moving back to the fact pattern, let's go through it in its entirety before we begin working on the return and exploring the other schedules. The fact pattern involves a group of marketing consultants who want to establish a new Delaware corporate entity. They prepare the articles of incorporation, which authorize the issuance of 2 million shares of Class A common stock with a par value of $0.001 per share. The articles are filed and accepted by the state of Delaware on May 15, 2021, marking the incorporation...