review of s corp tax return presentation...review 1040 schedule 1 1120s corp with k1 11 review line...
TRANSCRIPT
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Genworth Mortgage Insurance Corporation ©2019 Genworth Financial, Inc. All rights reserved.
Tax Return Review -S Corp Income Form 1120S with K1Tax Return SeriesApril 2019
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Objective
”Understand the meaning of “Self Employed Learn to use Fannie Mae’s Form 1084 to calculate supportableincome using tax returns. Complete Fannie Mae’s Cash Flow Analysis Form 1084
– W2– 1120S K1 Review (Section 9)– 1120S Review (Section 10)– Solvency/Liquidity Test
1120S Corp with K1
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1120S Corp with K1
Tax Forms-
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www.new.mi.Genworth.com
1120S Corp with K1
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You’ll Need Calculators-
1120S Corp with K1
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Fannie Mae’s 1084
1120S Corp with K16
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1120S Corp with K1
The Case Study…The Case Study Mark E Fitt
Mark is 100% owner is a 1120S Corp.
His reported taxable Income is a W2 & K1 from Life Fitt Equipment, Inc
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1040
1120S Corp with K1
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2018 W2
91120S Corp with K1
Is the borrower Self Employed?
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Schedule 1?
101120S Corp with K1
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Review 1040 Schedule 1
1120S Corp with K111
Review Line 17 to determine if a Schedule E has been filed this does NOT automatically prove the borrower is Self Employed. Sch. E may disclose K1’s from Partnerships, LLC’s, S-Corp’s and CMO’s… But it may be reported Rental Income.
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Review Schedule E
12
Now you need to review the K1…1120S Corp with K1
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1120S K-1
1120S Corp with K113
X X
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SEB W2
141120S Corp with K1
2018
*
* Verify the ability to use the total taxable compensation
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Form 1120S Corporate Return
1120S Corp with K115
S Corporation– Can be Owned by One Person – “Managing Shareholder” Must Receive a Salary – Business Income Reported on Form 1120S– Income Reported on Form 1040’s
• Schedule E• Could also be W-2 wages or 1099 income
– All Shareholders of an S Corp are Issued K-1’s – K-1s are Attached to the S Corp Tax Return (IRS Form 1120S)
Advantages– Taxed on Personal Basis
• S Corp pays No Tax on Income– Liability Limited to Amount Invested
Disadvantages– Limited to 100 Shareholders
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1120S Corp with K1
1120S Corp
Line 21 Ordinary Income $_________
K1%
Line 1 Ordinary Income $_________
Schedule E page 2
Part II
Net Income $_______
1040
Line 17 Net Income Sch.E
*$_________
*Taxed at a personal rate
16
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Check for Trends or Changes– Gross receipts – Cost of goods sold– Gross profit – Bottom line “Ordinary Income”– W-2 wages
• Were these paid to borrower?
17
S Corps
1120S Corp with K1
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1120S Corp with K1
1120S Corp
Line 21 Ordinary Income $_________
K1%
Line 1 Ordinary Income $_________
Schedule E page 2
Part II
Net Income $_______
1040
Line 17 Net Income Sch.E
*$_________
*Taxed at a personal rate
18
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1120S K-1
1120S Corp with K119
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1120S Corp with K1
1120S Corp
Line 21 Ordinary Income $_________
K1%
Line 1 Ordinary Income $_________
Schedule E page 2
Part II
Net Income $_______
1040Schedule 1
Line 17 Net Income Sch.E
*$_________
*Taxed at a personal rate
20
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Review 1040 Schedule 1
1120S Corp with K121
Review Line 17 to determine if a Schedule E has been filed this does NOT automatically prove the borrower is Self Employed. Sch. E may disclose K1’s from Partnerships, LLC’s, S-Corp’s and CMO’s… But it may be reported Rental Income.
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Review Schedule E
22
Now you need to review the K1…1120S Corp with K1
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Income Analysis Form 1084-Section 9
1120S Corp with K1
IF
As a Lender you must determine the Investors guidelines and use prudent underwriting analysis. We believe this method to be a best practice.
20182018
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Analyzing K1’s & Business Returns
241120S Corp with K1
Fannie Mae 2019 Selling Guide B3-3.3-07, Income or Loss Reported on IRS Form 1065 or 1120S, Schedule K1 (06/28/2016)
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Liquidity
251120S Corp with K1
Fannie Mae 2019 Selling Guide B3-3.3-07, Income or Loss Reported on IRS Form 1065 or 1120S, Schedule K1 (06/28/2016)
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Fannie Mae Selling Guide
261120S Corp with K1
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Less than 25% Ownership
271120S Corp with K1
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Solvency and Liquidity
1120S Corp with K1 28
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Acid Test or Quick Ratio
291120S Corp with K1
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1120S Corp with K1
Solvency
(Cash + Accounts Receivable) + Current Assets -Total Current Liabilities
{ {
Every Business Return will include a 2 Year Balance Sheet as Schedule L(unless total business assets are less than $1,000,000)
& Total receipts are less than $250,000
30
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1120S Review for Solvency/Liquidity
The forth page of the 1120S Return is a Balance Sheet (Schedule L)
1120S Corp with K1
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(Cash #1 + Acct Receivable #2 + #4+ #5 +Other Current Assets #6)(Acct Pay. #15 + MNB #16 + Other Current Liabilities #17)
Balance SheetQuick Ratio or Acid Test
Current Assets :Current Liabilities:
321120S Corp with K1
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33
LiquidityGenerally Accepted Accounting Principles
1120S Corp with K1
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Other Current Liabilities
341120S Corp with K1
Is the Credit Card balance due in full?
Is the Credit Line balance due in full?
Is the business loan due in full?
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Income Analysis Form 1084-Section 9
1120S Corp with K1
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1120S Corp with K1
Income Analysis Form 1084-Section 9
Now you need to review the 1120S…
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Income Analysis Form 1084-Section 10
1120S Corp with K1
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Income Analysis Form 1084-Section 10
1120S Corp with K1
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Income Analysis Form 1084-Section 10
1120S Corp with K1
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Income Analysis Form 1084-Section 10
1120S Corp with K1
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Income Analysis Form 1084-Section 10
1120S Corp with K1
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Income Analysis Form 1084-Section 10
1120S Corp with K1
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Income Analysis Form 1084-Section 10
1120S Corp with K1
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Income Analysis Form 1084-Section 10
1120S Corp with K1
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Income Analysis Form 1084
1120S Corp with K1
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Genworth Underwriting Guidelines
461120S Corp with K1
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Genworth Rate Express®
1120S Corp with K1 47
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LOS Connections
1120S Corp with K1 48
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1120S Corp with K1 49
Training Tools and Information
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Training Tools and Information
1120S Corp with K1 5050
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511120S Corp with K1
Additional MI Site Information
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521120S Corp with K1
ActionCenter®: 800 444.5664
Your Local Genworth Regional Underwriter
Your Genworth Sales Representative
Your Genworth Resources
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531120S Corp with K1
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