Entity Details

Legal entity information, election dates, tax year, and primary contact

Entity Type

S-Corporation Form 1120-S Partnership Form 1065 LLC — Taxed as Partnership Form 1065 LLC — Taxed as S-Corporation Form 1120-S Limited Liability Partnership (LLP) Form 1065 Limited Partnership (LP) Form 1065

Entity Information

Legal Entity Name

EIN (Last 4 digits only)

Tax Year

State of Formation

Principal State of Operations

Date of Formation / Organization

Principal Business Activity

S-Corporation Election (S-Corps only — skip if partnership)

Date of S-Election (Form 2553)

Effective Date of S-Election

Was the entity previously a C-Corporation before the S-Election?

Yes No N/A — Always been an S-Corp

Tax Year & Accounting Method

Tax Year Beginning

Tax Year Ending

Accounting Method

Return Type

Principal Office Address

Street Address

City

State

ZIP Code

Primary Contact

Full Legal Name & Title

Email Address

Phone Number

Ownership — Partners & Shareholders

List every owner — this drives K-1 generation. Ownership percentages must total 100%.

Full Name

SSN / EIN (Last 4)

Ownership %

Role / Title

Resident State

Entity / Individual

%

More than 6 owners? List additional partners/shareholders in the Additional Notes section.

Officer W-2 Compensation (S-Corporations only)

S-Corp owner-operators must receive reasonable W-2 compensation. List the W-2 wages paid to each shareholder-employee during the year.

Full Legal Name

W-2 Wages Paid

$

Health Insurance Premium (officer)

$

Full Legal Name

W-2 Wages Paid

$

Health Insurance Premium (officer)

$

Full Legal Name

W-2 Wages Paid

$

Health Insurance Premium (officer)

$

NJ Business Alternative Income Tax (BAIT)

The NJ BAIT election allows pass-through entities to pay NJ income tax at the entity level, generating a fully deductible federal business expense that bypasses the $10,000 SALT cap for owners. It is one of the most powerful tax planning tools available to NJ pass-through entity owners.

Did the entity make the NJ BAIT election for this tax year?

Yes — BAIT elected No — not elected Not Sure / Ask CPA

BAIT Estimated Payments Made

$

Financial Summary

Gross receipts, cost of goods, and operating expenses for the tax year. Estimates are fine — your CPA reconciles from your books.

Revenue

Gross Receipts or Sales

$

Less: Returns & Allowances

$

Cost of Goods Sold (COGS)

$

Other Income (interest, rents, gains)

$

Operating Expenses

Compensation of Officers / Managing Members

$

Salaries & Wages (non-officer)

$

Repairs & Maintenance

$

Rents Paid

$

Taxes & Licenses

$

Interest Expense

$

Depreciation (Form 4562)

$

Advertising & Marketing

$

Pension / Profit-Sharing Plans

$

Employee Benefit Programs

$

Legal & Professional Fees

$

Meals (50%) & Travel

$

Contract Labor / 1099 Workers

$

Business Insurance

$

Utilities & Office Supplies

$

Other Deductions

$

Separately Stated Items (reported directly on owners' K-1s)

These items are not combined into ordinary income — they flow separately to each owner's individual return and retain their character.

Interest Income

$

Ordinary & Qualified Dividends

$

Short-Term Capital Gains / Losses

$

Long-Term Capital Gains / Losses

$

§1231 Gains / Losses (Form 4797)

$

Charitable Contributions

$

Financial Notes

Distributions & Owner Draws

Cash and property distributions made to owners during the tax year — critical for basis tracking and K-1 accuracy

Why distributions matter

For S-Corp shareholders, distributions in excess of basis are taxable as capital gains. For partners, distributions affect outside basis and may trigger gain recognition. Accurate distribution data is essential for correct K-1 reporting and basis schedule maintenance.

Total Distributions — All Owners Combined

Total Cash Distributions

$

Total Property Distributions (FMV)

$

Per-Owner Distributions

Owner Name

Cash Distributions ($)

Property Distributions ($)

$

Shareholder / Partner Loans

Loans FROM Entity to Owners (outstanding balance)

$

Loans FROM Owners to Entity (outstanding balance)

$

Balance Sheet — End of Year

Schedule L / M-1 — Total assets, liabilities, and equity as of the last day of the tax year. Estimates are acceptable; your CPA reconciles from your financial statements.

Assets (End of Year)

Cash & Cash Equivalents

$

Accounts Receivable (net)

$

Inventories

$

Other Current Assets

$

Investments & Securities

$

Fixed Assets — Net of Depreciation

$

Loans to Shareholders / Partners

$

Intangible Assets (goodwill, IP) — net

$

Other Assets

$

Total Assets

$

Liabilities (End of Year)

Accounts Payable

$

Accrued Liabilities

$

Notes Payable — Short Term (< 1 year)

$

Notes Payable — Long Term

$

Loans from Shareholders / Partners

$

Other Liabilities

$

Total Liabilities

$

Owners' Equity / Partners' Capital (End of Year)

Paid-In / Contributed Capital

$

Retained Earnings / Accumulated Adjustments Account (AAA)

$

Current Year Net Income / (Loss)

$

Less: Distributions This Year

$

Other Equity Adjustments

$

Total Owners' Equity / Partners' Capital

$

Compliance & Disclosures

Required IRS questions — answer for the entity, not individual owners

Digital Assets / Cryptocurrency

Did the entity receive, sell, exchange, or otherwise dispose of any digital asset during the tax year?

Yes No Not Sure

Foreign Financial Accounts (FBAR)

Did the entity have a financial interest in or signature authority over any foreign financial account with aggregate value exceeding $10,000 at any point?

Yes No Not Sure

1099-NEC Issued to Contractors

Did the entity pay any individual or unincorporated business $600 or more for services this year? If so, were 1099-NEC forms issued?

Yes No Not Sure

Multi-State Nexus / Operations

Does the entity operate in, employ workers in, or generate revenue from states other than its principal state of operations?

Yes No Not Sure

Related-Party Transactions

Did the entity engage in transactions (loans, rents, services) with related parties — including owners, family members, or affiliated entities — during the year?

Yes No Not Sure

At-Risk / Basis Limitations

Does any owner have a potential basis or at-risk limitation that could affect the deductibility of their share of any losses on their individual return?

Yes No Not Sure

IRS or State Tax Notice Received

Did the entity receive any IRS or state tax authority notices, audit letters, or compliance communications this year?

Yes No Not Sure

Prior Year & Additional Notes

Context that helps your CPA prepare the most accurate and strategic return

Who prepared the prior year return?

Prior year result (approximate)

Additional Notes, Questions, or Context

Pass-Through Entity Tax Intake

Entity Details

Ownership — Partners & Shareholders

Financial Summary

Distributions & Owner Draws

Balance Sheet — End of Year

Compliance & Disclosures

Prior Year & Additional Notes