When is 1120S Schedule L required?

Answer by  paulasheri (28)

The 1120S Schedule L, which is the company's balance sheet, is required if the company's total income and total assets both exceed $250,000 at the end of the tax year.

Answer by  Att4372 (1704)

Schedule L is required when either the corporation's total receipts for the tax year or its total assets at the end of the tax year are $250,000 or more.

Answer by  salsafoodie (3146)

Any corporation that income and assets exceed 10 million are required to file a 1120S schedule. When you filed this paperwork, you will need to have a verification from various forms that are required in order to start to fill out this form. If you are a business owner then you will never fill out a form yourself.