The Alabama 20S form is a tax return specifically designed for S corporations operating in Alabama. This form provides essential information about the corporation's income, deductions, and tax obligations for the year. Understanding how to fill out this form correctly can help ensure compliance with state tax regulations.
The Alabama 20S form is a crucial document for S corporations operating in the state, serving as their official tax return. This form is used to report various financial details for the tax year, including total federal income, deductions, and assets. It requires the corporation to provide specific information such as the federal employer identification number, the nature of the business, and the number of shareholders. Additionally, the form includes schedules for calculating separately stated and nonseparately stated income, allowing corporations to reconcile their income for Alabama tax purposes. The apportionment factor is another key aspect, determining how income is allocated between Alabama and other states if applicable. Completing the 20S form accurately is essential for compliance with Alabama tax laws, as it directly impacts the corporation's tax liabilities and potential refunds. Understanding the various components of the form, including the schedules for income allocation and tax credits, is vital for ensuring that all necessary information is reported correctly and efficiently.
FORM
*1000012S*
ALABAMA
•CY
20S
DEPARTMENT OF REVENUE
•SY
2010
•FY
S Corporation Information/Tax Return
For the year January 1 – December 31, 2010, or other tax year beginning •_______________________, 2010, ending •_______________________, _________
Important
FEDERAL BUSINESS CODE NUMBER
FEDERAL EMPLOYER IDENTIFICATION NUMBER
Data Summary
•
Total federal income
Check
NAME
Total federal deductions
applicable
box:
ADDRESS
Total assets as shown on Form 1120S
Initial
Return
CITY
STATE
9-DIGIT ZIP CODE
Alabama Apportionment Factor from
Final
Schedule C, line 26
STATE OF INCORPORATION
NATURE OF BUSINESS
DATE QUALIFIED IN ALABAMA
CN
Amended
CHECK IF THE CORPORATION
NUMBER OF SHAREHOLDERS DURING
IF YOU FILED A RETURN FOR 2009 AND THE ABOVE
OPERATES IN MORE THAN ONE STATE•
TAX YEAR •
NAME AND ADDRESS IS DIFFERENT, CHECK HERE
UNLESS A COPY OF FORM 1120S IS ATTACHED, THIS RETURN IS INCOMPLETE
SCHEDULE A – Computation of Separately Stated and Nonseparately Stated Income / Tax
1
Federal Ordinary Income or (Loss) from trade or business activities . . . .
. .
. . .
. . . . . . . . . . . . . . . . . . . . . . . . . .
. . . .
00
2
Net short-term and long-term capital gains – income or (loss)
3
. . . . . . . . . .Salaries and wages reduced for federal employment credits
•(
00 )
4
. . . . . . . . . . . . . . . . . . . . . .State and local net income taxes paid/(refund)
5
Net income or (loss) from rental real estate activities
Reconciliation
6
Net income or (loss) from other rental activities
to Alabama
7
Net gain or (loss) under I.R.C. §1231 (other than casualty losses)
Basis (SEE
8
Adjustments due to the Federal Economic Stimulus Act of 2008
INSTRUCTIONS)
(attach schedule)
. . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . .
. . . . .
.
. . . . . .
9
. . . . . . . . . . . . . . . . . . . . . . . .Other reconciliation items (attach schedule)
10
Net reconciling items (add lines 2 through 9)
. . . . . . .
11
. .Net Alabama nonseparately stated income or (loss) (add line 1 and line 10)
12
Contributions . . .
13
. . . . . . . .Oil and gas depletion
14
. . . . . . . . . . . . . . .I.R.C. §179 expense deduction (complete Schedule K)
15
Casualty losses .
Separately
Stated Items
16
. . . . . . . . . . . . . . .Portfolio income less expenses (complete Schedule K)
(Related to
17
Other separately stated items (attach schedule)
18
Net separately stated items (add line 12 through 17)
Business
Income)
19
. . . . . . . . . . . . . . . . . . . . . . . .Total separately stated and nonseparately stated items (add line 11 and line 18)
20
. . . . . . . . . . . .Nonseparately Stated Income Allocated and Apportioned to Alabama from Schedule E, line 7
21
ALABAMA INCOME TAX (see instructions and attach schedule)
22
Tax Payments, Credits, and Deferrals:
a. 2010 estimated tax payments and amounts applied
from 2009 return
22a
. . . . . . . . . . . . . . . . . .b. Automatic extension payments (see instructions)
22b
c. Payments prior to amendment (original return or
Department adjustment) . . .
22c
Tax Due,
. . . . . . . . . . . .d. Tax credits (from line 3, Schedule G) (see instructions)
22d
Payments,
. . . . . . . . . .e. Total payments (add lines 22a, 22b, 22c and 22d)
22e
23
NET TAX DUE (subtract line 22e from line 21)
and
24
Reductions/applications of overpayments
Credits
a. Penalties (see instructions)
24a
. . . . . . . . . . . . . . . . . . . . . . . . .b. Interest due (computed on tax due only)
24b
c. Amount to be credited to 2011 estimated tax
24c
d. Total reductions/applications (add lines 24a, 24b and 24c)
24d
25
. . . . . . . . . . . . . . . . . . . . .Amount to be refunded (see instructions)
26
. . . . . .TOTAL AMOUNT DUE
. . . . . . . . . . . . . . . . . . . . .
If paying by check or money order, FORM BIT-V MUST ACCOMPANY PAYMENT.
If you paid electronically check here
ADOR
*1000022S*
Page 2
FORM 20S – 2010
SCHEDULE B – Allocation of Nonbusiness Income, Loss, and Expense
Identify by account name and amount all items of nonbusiness income, loss, and expense removed from apportionable income and those items which are directly allocable to Alabama. Adjustment(s) must also be made for any proration of expenses under Alabama Income Tax Rule 810-27-1-4-.01, which states, “Any
allowable deduction that is applicable to both business and nonbusiness income of the taxpayer shall be prorated to each class of income in determining income subject to tax as provided…” (See instructions).
DIRECTLY ALLOCABLE ITEMS
ALLOCABLE GROSS INCOME / LOSS
RELATED EXPENSE
NET OF RELATED EXPENSE
Column A
Column B
Column C
Column D
Column E
Column F
Everywhere
Alabama
(Col. A less Col. C)
(Col. B less Col. D)
Nonseparately stated items
1a
1b
1c
1d Total (add lines 1a, 1b, and 1c)
Separately stated items
1e
1f
1g
1h Total (add lines 1e, 1f, and 1g)
SCHEDULE C – Apportionment Factor Schedule. Do not complete if entity operates exclusively in Alabama.
TANGIBLE PROPERTY AT COST FOR
EVERYWHERE
PRODUCTION OF BUSINESS INCOME
BEGINNING OF YEAR
END OF YEAR
Inventories
Land
Furniture and fixtures
Machinery and equipment
Buildings and leasehold improvements
IDB/IRB property (at cost)
Government property (at FMV)
Less Construction in progress (if included)
Totals
Average owned property (BOY + EOY ÷ 2)
Annual rental expense
x8 =
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .Total average property (add line 11 and line 12)
13a
13b
Alabama property factor — 13a ÷ 13b = line 14
. . . . . . . . . . .
%
SALARIES, WAGES, COMMISSIONS AND OTHER COMPENSATION
15a
15b
15c
RELATED TO THE PRODUCTION OF BUSINESS INCOME
Alabama payroll factor — 15a ÷ 15b = 15c
SALES
Destination sales
. . . . . . . . . . . . . . . . . . . . . . . .Origin sales
. . . . .Total gross receipts from sales
. . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . .Dividends
. . . . . . . . . . . . . . . . . . . . . . . .Interest
. . . . . . . . . . . . . . . . . . . . . . . .Rents
. . . . . . . . . . . . . . . . . . . . . . . .Royalties
. . . . . . .Gross proceeds from capital and ordinary gains
24Other •___________________________________ (Federal 1120S, line •_____ ) •
Alabama sales factor — 25a ÷ 25b = line 25c
25a•
25b•
25c•
Sum of lines 14, 15c, and 25c ÷ 3 = ALABAMA APPORTIONMENT FACTOR (Enter here and on line 4, Schedule E, page 3)
*1000032S*
Page 3
SCHEDULE D – Apportionment of Federal Income Tax
1 Enter the federal income tax from Federal Form 1120S
1 •
2Enter the Alabama income from line 7, Schedule E below, if applicable. (If corporation operates
exclusively in Alabama, do not complete lines 2-8.)
. . . . . . . . . . . . .
. . . . 2
Apportionment of separately stated items
x •
% = 3c
3a
3b
Enter in line 3a the amount from line 18, Schedule A
Apportionment Factor
(line 26, Schedule C)
Separately stated items allocated to Alabama (line 1h, Column F, Schedule B)
. . . . 4
Total (add lines 2, 3c and 4)
. . . . . . . . . . . . . . . . . . . . . . . . .
. . . . 5
. . . . . . . . . . . . . . .Adjusted total income (add line 19, Schedule A to line 1h, Column E, Schedule B)
. . . . 6
Federal income tax apportionment factor
(line 5 divided by line 6)
. . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . .
. . . 7
Federal income tax apportioned to Alabama (multiply line 1 by the percent on line 7)
. . . 8
SCHEDULE E – Apportionment and Allocation of Income to Alabama
Net Alabama nonseparately stated income or (loss) from line 11, Schedule A
. . . . . . . . . . . . . . .
. . . . 1
Nonseparately stated (income) or loss treated as nonbusiness income (line 1d, Column E, Schedule B)
– please enter income as a negative amount and losses as a positive amount
Apportionable income or (loss) (add line 1 and line 2)
. . . . 3
Apportionment ratio from line 26, Schedule C
Income or (loss) apportioned to Alabama (multiply amount on line 3 by percent on line 4)
Nonseparately stated income or (loss) allocated to Alabama as nonbusiness income (Column F, line 1d, Schedule B)
Nonseparately Stated Income Allocated and Apportioned to Alabama (add lines 5 and 6). Also enter this amount on
line 2, Schedule D; line 20, Schedule A; and line 1, Schedule K
SCHEDULE F – Alabama Accumulated Adjustments Account
Beginning balance (prior year ending balance) . . .
. . . . . . . . . . . . . . . . . . . . . . . .
. . . 1
Net Alabama nonseparately stated income or (loss) (line 11, Schedule A)
. . . 2
Net separately stated items (line 18, Schedule A)
. . . 3
Federal income tax deduction (line 1, Schedule D)
. . . 4
Separately stated nonbusiness items (line 1h, Column E, Schedule B)
. . . 5
Other additions/(reductions) (Do not include tax exempt income and related expenses)
. . . 6
Less distributions
Ending balance (total appropriate lines) . .
SCHEDULE G – Tax Credits (CAUTION – SEE INSTRUCTIONS)
Employer Education Tax Credit
. . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . .
Coal Credit
. . . . . . . . . .TOTAL (add lines 1 and 2). Enter here and on line 22d, Schedule A
SCHEDULE H – The Following Information Must Be Entered For This Return To Be Considered Complete
Indicate tax accounting method used:
Cash •
Accrual
Other
2Briefly describe your Alabama operations: •
3Enter this company’s Alabama Withholding Tax Account No.: •
4Person to contact for information concerning this return:
Name •
Telephone Number • (
)
Email Address
5Location of the corporate records: •
6Check if an Alabama business privilege tax return was filed for this entity: •
7If the privilege tax return was filed using a different FEIN, please provide the name and FEIN used to file the return:
FEIN: •
NAME:
*1000042S*
SCHEDULE K – Distributive Share Items
1 Alabama Nonseparately Stated Income (Schedule E, line 7) . . . . . .
Separately Stated Items:
2 Contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Oil and gas depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 I.R.C. §179 expense deduction
a. Amount allowed on federal Form 1120S . . . . . . . . . . . . . . . . . . . . .
b. Adjustments required . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
c. Amount to be apportioned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 Casualty losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 Portfolio income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 Interest expense related to portfolio income. . . . . . . . . . . . . . . . . . . . .
8 Other expenses related to portfolio income (attach schedule) . . . . .
9 Other separately stated business items (attach explanation) . . . . . .
10 Small business health insurance premiums (attach explanation) . . .
11 Separately stated nonbusiness items (attach schedule) . . . . . . . . . .
12 Composite payment made on behalf of owner/shareholder . . . . . . .
13 U.S. taxes paid (attach explanation) . . . . . . . . . . . . . . . . . . . . . . . . . . .
14 Alabama exempt income (attach explanation) . . . . . . . . . . . . . . . . . . .
Transactions with Owners:
15 Property distributions to owners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Page 4
Federal Amount
Apportionment
Alabama Amount
Enter on Alabama
Factor
Schedule K-1
Part III, Line M
Part III, Line S
Part III, Line Z
Part III, Line O
Part III, Line W
Part III, Line Q
Part III, Line P
Part III, Line R
Part III, Line T
Part III, Line Y
Part III, Line AA
Part III, Line U
Part III, Line V
Part III, Line AB
100%
Part III, Line X
•I authorize a representative of the Department of Revenue to discuss my return and attachments with my preparer.
Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are
Please
true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Sign
Signature
Date
Daytime Telephone No.
Social Security No.
Here
of Officer
(
Title
Preparer’s
Telephone No.
Preparer’s Social Security No.
Paid
Use Only
Firm’s Name (or yours • if self-employed)
and address •
Email
Address
E.I. No. •
ZIP Code •
CHECK LIST
HAVE THE FOLLOWING FORMS BEEN ATTACHED TO THE FORM 20S:
ALABAMA SCHEDULE K-1 (one for each shareholder)
ALABAMA SCHEDULE NRA (if applicable)
FEDERAL FORM 1120S (entire form as filed with IRS)
FEDERAL FORM 1120S PROFORMA (if applicable)
FORM BIT-V (if applicable)
Returns without Payments
Returns with Payments
MAIL TO: Alabama Department of Revenue
Pass Through Entity
PO Box 327441
PO Box 327444
Montgomery, AL 36132-7441
Montgomery, AL 36132-7444
Alabama Ju 26D - This documentation serves as official notice to the court of the appeal intention.
When engaging in the sale of an all-terrain vehicle, it is essential to utilize the New York ATV Bill of Sale form to legitimize the transaction and provide proof of ownership. For those looking for templates to assist in this process, PDF Templates Online offers valuable resources that can simplify the completion of this important document.
Alabama Department of Revenue Forms - You can specify what form you originally filed: Form 40, Form 40A, E40, Form 40NR, or Form 41.
The Alabama 20S form is similar to the Federal Form 1120S, which is the U.S. income tax return for an S corporation. Both forms require detailed reporting of income, deductions, and credits. The 1120S serves as the basis for federal tax obligations, while the Alabama 20S adapts this information for state tax purposes. Each form requires a breakdown of income and expenses, ensuring compliance with respective tax laws. The Alabama form includes specific schedules that align with the federal structure, allowing for a consistent approach to reporting across jurisdictions.
Another document similar to the Alabama 20S is the IRS Form 1065, which is used by partnerships to report income, deductions, and credits. Like the 20S, Form 1065 provides a comprehensive overview of the entity's financial performance for the tax year. Both forms require the reporting of income and expenses, but they differ in their focus on the type of business entity. The 20S is specific to S corporations, while the 1065 is tailored for partnerships. This distinction influences how income is allocated to owners and how taxes are ultimately assessed.
The Alabama 20S also resembles the California Form 100S, which is used for S corporations operating in California. Both forms require similar information regarding income, deductions, and shareholder allocations. They share a common purpose: to report the financial activities of S corporations to their respective state tax authorities. Each form includes sections for apportioning income and deductions, reflecting the states' tax structures while maintaining compliance with federal guidelines.
Additionally, the New York State Form CT-3-S is comparable to the Alabama 20S. This form is utilized by S corporations in New York to report income and calculate tax liability. Both forms require detailed financial reporting, including income, deductions, and credits. They also include schedules for apportioning income based on the corporation's activities within the state. The CT-3-S, like the Alabama 20S, emphasizes the importance of accurately reporting income to ensure proper tax assessment.
The Florida Form DR-405 is another document that shares similarities with the Alabama 20S. This form is used for corporate income tax returns in Florida, specifically for S corporations. Both forms require detailed financial disclosures, including income, deductions, and credits. The DR-405 focuses on corporate tax obligations within Florida, while the Alabama 20S addresses state-specific requirements. Both forms facilitate the reporting of income and expenses to ensure compliance with state tax laws.
In Texas, it's crucial for motorcycle owners to have proper documentation when transferring ownership, and a Texas Motorcycle Bill of Sale form plays an essential role in this process. This legal document not only serves as proof of ownership transfer but also outlines key transaction details that both parties must agree upon. For those in need of this form, you can find it readily available at https://texasdocuments.net/printable-motorcycle-bill-of-sale-form/, ensuring a streamlined and hassle-free registration experience.
Lastly, the Texas Franchise Tax Report is akin to the Alabama 20S in that it serves to report the financial activities of S corporations operating in Texas. While the Alabama 20S focuses on income tax, the Texas report is related to franchise tax, which is based on revenue rather than income. Both documents require a thorough breakdown of financial information, ensuring that corporations meet their respective state tax obligations. They reflect the unique tax structures of their states while maintaining a common goal of accurate financial reporting.
Filling out the Alabama 20S form is an important task for S corporations operating in the state. Here are some key takeaways to consider:
By keeping these points in mind, you can navigate the process of completing the Alabama 20S form with greater confidence and clarity.
The Alabama 20S form is a tax return specifically designed for S Corporations operating in Alabama. It provides the Alabama Department of Revenue with essential information about the corporation's income, deductions, and tax liabilities for the tax year. This form is crucial for ensuring compliance with state tax laws and allows S Corporations to report their income, which is then passed through to shareholders for tax purposes.
Any S Corporation that is incorporated or doing business in Alabama must file the Alabama 20S form. This includes corporations that have elected to be treated as S Corporations for federal tax purposes. If the corporation operates in multiple states, it must also ensure that it accurately reports its income and apportionment to Alabama. Failure to file can result in penalties and interest on unpaid taxes.
To accurately complete the Alabama 20S form, the corporation needs to provide several key pieces of information. This includes the total federal income and deductions, the Alabama apportionment factor, and details about the nature of the business. Additionally, the form requires information about the corporation's shareholders, including their names and addresses. It is essential to attach a copy of the federal Form 1120S, as the Alabama 20S form cannot be considered complete without it.
Not filing the Alabama 20S form can lead to significant consequences for an S Corporation. The corporation may incur penalties for failure to file, which can accumulate over time. Additionally, the Alabama Department of Revenue may assess interest on any unpaid taxes. Shareholders could also face issues, as the corporation’s failure to report income correctly can affect their personal tax returns. Therefore, timely and accurate filing is crucial to avoid these complications.