Schedule B-1 is required with a Form 1120-S if the S corporation has certain types of shareholders.

If an S corporation has a shareholder that is a disregarded entity, trust, estate, or nominee, it must include Schedule G to report information on the shareholder and the ultimate beneficial owner.

The Schedule K-1 is still issued in the name and EIN of the legal shareholder, but the IRS needs more information on the ultimate beneficial owner. Enter Schedule B-1.....

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