Scenario

You are a tax associate with a large tax accounting firm. You have been assigned to prepare a federal income tax return, Form 1120: U.S. Corporation Income Tax Return, and the necessary schedules for SageGreen Computer Corporation, a non-audit client. This project will help you understand the IRS process of completing proper tax returns.

You will complete the corporate tax return, along with the necessary schedules, by the upcoming tax deadline. SageGreen has provided you with its financial statements for the current year. SageGreen's controller has provided all the documentation and support you need to compile the necessary financial data and tax information.

Directions

Complete Part One and Part Two of the project.

Part One: Tax Return

Complete a downloaded Form 1120 from the IRS website (irs.gov). To locate this form, type "Form 1120" in the search bar at the top of the webpage. Be sure to incorporate any Project One Milestone feedback into your work for Project One.

Specifically, you must address the following:

1. Complete Form 1120 with no errors. Include the following sections of the form in your response:
   1. Income
   2. Deductions
   3. Tax, Refundable Credits, and Payments
   4. Schedule C
   5. Schedule J
   6. Schedule K
   7. Schedule L
   8. Schedules M-1 and M-2