ILLMAS Posted March 9, 2009 Report Share Posted March 9, 2009 I have new business client that files an 1120H, they really don't have any income besides interest they earn. The assessment fees they collect is used to cover operating expenses, utilities and repairs, what ever is left over stays in the bank account. My question is I would only have to file out the top portion of the 1120H, since they really don't have any income and the assessment they collect are considered exempt function. Can someone with experience guide on this one. Thanks, Quote Link to comment Share on other sites More sharing options...
RitaB Posted March 10, 2009 Report Share Posted March 10, 2009 I have new business client that files an 1120H, they really don't have any income besides interest they earn. The assessment fees they collect is used to cover operating expenses, utilities and repairs, what ever is left over stays in the bank account. My question is I would only have to file out the top portion of the 1120H, since they really don't have any income and the assessment they collect are considered exempt function. Can someone with experience guide on this one. Thanks, First of all, thanks for reminding me that I have to do the 1120-H for the POA that I do bookkeeping for. I had not even thought about it! Yes, you will complete the top portion where the lines have letters not numbers, but you'll report the interest income on line 2. Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted March 10, 2009 Author Report Share Posted March 10, 2009 First of all, thanks for reminding me that I have to do the 1120-H for the POA that I do bookkeeping for. I had not even thought about it! Yes, you will complete the top portion where the lines have letters not numbers, but you'll report the interest income on line 2. Perfect thanks Quote Link to comment Share on other sites More sharing options...
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