What it is
An S corporation return needs records that tie to each shareholder: ownership, pay, distributions and loans. The organizer collects them in one place.
It covers the company and shareholder facts, the year-end records to attach, shareholder transactions, income and deduction questions, and entity-level payments and notices.
When to use it
- Each year before preparing Form 1120-S and the K-1s.
- When a shareholder joins or leaves.
- When the client takes on shareholder loans.
What’s inside
- Shareholder table with ownership at start and end
- Records list: ledger, financial statements, loans, fixed assets, payroll
- Table of officer pay, distributions and shareholder loans
- Questions on state tax, pass-through entity tax and multi-state activity
Standard cited
This template follows Form 1120-S. It is written in our own words, except for phrases the standard requires the document to contain, with [bracketed placeholders] for client details, amounts in USD and dates as MM/DD/YYYY. Check it against the current standard and your firm’s methodology before use.
Questions
Why ask about a second class of stock?
An S corporation can have only one class of stock, so any instrument that could be a second class needs review.
Does this replace the basis worksheet?
No. It collects the facts you need for the shareholder basis worksheet in this library.
Is the contractor threshold fixed in the form?
No. A placeholder is used because the threshold depends on the year.
Related templates
- S Corporation Shareholder Basis Worksheet (Excel)
- Business Tax Return Review Checklist
- State Apportionment Workbook (Excel)
- Corporation Formation and S Election Checklist
Last updated 11/06/2026. All free templates.