IRS Form 1120 Schedule L - Balance Sheet Per Books

Every Form 1120 corporate income tax return must include Schedule L, but not every corporation is required to complete Schedule L.

Corporations with greater than $250k in revenue & assets must complete Schedule L.

It is my recommendation, however, to always complete Schedule L. In this video, I discuss the Schedule L disclosures and why you should always complete this information.

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[NSB]

WHY??? Are there two columns for the beginning--and two columns for the ending? It's ONE NUMBER--NO NEED FOR TWO COLUMNS!!!

[DarthVincentiusOfficial]

Would be nuce to have an explaination of columns A-D. Thats what I really need.

[Godsolovedtheworld]

Thank you for your videos! I was wondering, does the business equipment go on Schedule L as an asset? Thank you again!

[raymondwong]

My Lacerte software puts the total income on line 25 column d, but Drake simply copies my year end cash (line 1 column d) onto line 25 d. Which is right?

[chadmorrison]

The 2021 IRS Form 1120, Schedule K, question #13 says, "Are the corporation’s total receipts (page 1, line 1a, plus lines 4 through 10) for the tax year and its total assets at the end of the tax year less than $250, 000?"
Since this question says "and, " this means that you have to be able to answer yes to BOTH of these questions.
If either one of these amounts is greater than $250, 000, then you must specify "No" as the answer question #13.
Therefore, shouldn't the second bullet on your slide say the following: "...corporation had $250, 000 or greater in gross receipts during the tax year, OR if the corporation has $250, 000 of more of total assets..." rather than "and" after the comma?
Aren't you are required to complete Schedule L if either of the amounts is greater than $250, 000, not when both of these amounts are greater than $250, 000?

[LifestyleStory]

where i have to submit 1120 form ? can i submit this online ?

[jongchankim]

Which value do you use for the federal income tax per books on schedul M-1? Is it the value for the previous year federal income tax?

[garylillich]

If reciepts are $198, 000, gross assets, 348, 000, liabilty $164, 000, net assets $186, 000, which number applies>?

[garylillich]

How difficult to do Schedule L, having all numbers entered in Schedule C?? 1120 needs to be filed

[phill]

Very helpful videos - two thumbs up!
Question re: Schedule L - if there is only 1 common equity issuance at par (5, 000 x $0.0001 = $0.50, so APIC = 0) to the business owner, is that reflected clearly anywhere on Schedule L (say for example, line 22d or 26d)? Or is it just embedded in capital stock and cash etc.? What about subsequent capital injections without share issuance - does it all go into Additional Paid-In Capital (APIC)?Thanks for the wonderful videos!