Overview
Required:
• Using the information provided below, complete Eyes R Us’ 2025 Form 1120 S and any form required to provide information to the members. In addition, complete the form the entity would be required to complete to become an S Corp.
Using the Form 1040, calculate Winifred Magaliscious’ income, adjustments to income, deductions, taxable income. Assume Winifred is not married and uses the standard deduction. Use the information provided from the income statement and the notes to complete this part of the assignment. Please hand in the Form 1040 with the Form 1120S. You should also complete the Schedule 1 for Winifred. Other schedules are not required.Forms 4562 and 4797 are not required. The only tax forms required are the Form 1120S and the Form 1040 (with Schedule 1) already mentioned. Use the amount of tax depreciation and §179 expense provided in the income statement and the information in footnote 10 to complete the appropriate lines on the required tax returns.The Schedule L (balance sheet) on the Form 1120S is not required.If any information is missing, use reasonable assumptions to fill in any gaps, and document those assumptions on a separate page, clearly labeled. IF you feel there is any absolutely crucial information missing, please let me know and I will ask the client for you.The forms, schedules, and instructions can be found at the IRS Web site (www.irs.gov). The instructions can be helpful in completing the forms. Additionally, I highly recommend you set up a spreadsheet to help keep everything straight. IF you use one, please turn in the electronic copy thru Canvas.Turn the assignment in, on paper, stapled in the following order: Form 1120S (pages 1-6), the forms required to provide information to the partners, the form required to become an S Corp, Winifred’s Form 1040, answers to the questions, assumptions, and workpapers. Neatness and organization count. Any workpapers prepared using software should be submitted through Canvas.Form 1120S (pages 1-6), the forms required to provide information to the partners, the form required to become an S Corp, Winifred’s Form 1040, answers to the questions, assumptions, and workpapers.