Completing Blue Catering Services Inc.’s (BCS) 2021 Form 1120, Schedule D, and Schedule G (if applicable) is a comprehensive and detailed task, requiring several steps. While it's not possible to complete and display official IRS forms directly, a step-by-step guidance can be provided, emphasizing key points to consider:
Form 1120: U.S. Corporation Income Tax Return
1. Basic Information:
- The corporation's name, address, EIN, and business activity code should be filled in.
- Information for officers Cara Siler, Janna Funk, and Valerie Cloward is necessary in the officer’s section.
2. Income:
- BCS’s income for the year, including revenue from catering services, should be reported.
3. Deductions:
- Deductions such as salaries, rent, taxes, interest, etc., should be included.
- The tax depreciation, as noted, must be included.
4. Tax, Refunds, and Payments:
- The corporation’s tax liability needs to be calculated.
- Estimated tax payments totaling $35,000 ($8,750 x 4) should be included.
- A preference for a refund should be indicated if there's an overpayment.
Schedule D: Capital Gains and Losses
1. Capital Transactions:
- This schedule is required if BCS had any capital asset transactions, like the sale of property or equipment.
- Details of any capital gains or losses should be filled in.
Schedule G (if applicable)
1. Schedule G is for information on certain entities, transactions, and shareholders:
- This schedule should be completed if it's applicable based on BCS’s transactions and ownership structure.
Dividends
- The dividend of $30,000 paid to shareholders must be recorded.
Additional Points
- All officers' compensation must be reported accurately.
- The instructions on the IRS website should be reviewed for specific lines and additional requirements.
- If information is missing, reasonable assumptions should be made (e.g., about income, expenses).
- All required forms, including Form 1099s as mentioned, must be filed.
Final Steps
- The entire return should be reviewed for accuracy and completeness.
- An authorized person (likely Cara as the CEO) should sign the form.
- The form should be filed with the IRS by the due date.
This process is complex, and consulting with a tax professional or using tax software is often advisable to ensure accuracy and compliance with tax laws. The IRS instructions for each form can provide further guidance.