Form 1120-X vs. Form 1120 Schedule G 2017-2023

Instructions and Help about Form 1120-X vs. Form 1120 Schedule G

Hey there youtube so for this video i wanted to cover the irs schedule g that goes along with form 1120 right form 1120 is filed for c corporations in the u.s and schedule g is required to disclose certain types of shareholders that own um a substantial amount of stock in the company okay so we've got the um form in front of us here schedule g example but i've also got a slide here with um some information background info and then the example and then we'll flip back to the uh schedule g right so starting at the top here schedule g has to be included if the corporation is answering yes to uh that one question well it's two questions actually in schedule k which asks if any entity or person owns directly 20 or more or directly or indirectly 50 or more of the total voting power of all classes of the corporation stock okay and just to be very clear here that this is only used to disclose um shareholders that have voting stock right and that's important because um corporations will issue a lot of different types of classes of stock some will be voting non-voting some will have more votes per share you could have class a with let's say one vote per share and you could have class b that has 10 a lot of different options in a corporate structure so very important to only hone in here on the voting shares in the company so if we look at our example here we have fake consulting business inc it's a delaware corporation and it's going to be taxed as a c corp for tax purposes right the reason why i highlight that is what we're saying here is this...