Who needs an IRS Form 1120S?
Form 1120S is the US Internal Revenue Service Form that should be filed by S corporations as a an annual income tax return report.
An S corporation is a type of business ownership structure, which enables the business to avoid double taxation, so as such a corporate entity is not supposed to pay corporate income tax on the profits of the company. The company’s shareholders are in charge of submitting individual income tax returns and paying their income taxes including profits earned from the business.
What is Form 1120S for ?
The full name of the IRS Form 1120S is Income Tax Return for an S Corporation, therefore, it is used to report S corporation’s income, gains, losses, deductions, credits, etc., in order to claim the annual amount of taxes that is to be paid to the US government.
Is IRS Form 1120S accompanied by other forms?
There is an extensive list of schedules (B, K, L, etc.) that must be attached to the completed Form 1120S, whether an S corporation is required to provide them all or just any is specified in details in the instruction at the IRS website. It greatly depends upon the circumstances and structure of the filing S corporation.
When is Income Tax Return for an S Corporation Report due?
The IRS expects the Income Return Reports (1120S Forms) to be submitted by the 15th day of the third month (typically 15th March). The deadline can be extended in case the 15th day falls on the weekend or state holiday until the next business day.
How do I fill out Form 1120S?
In general, the 1120S Form contains a number of tables that have to provide the following information: income, deductions, tax and payments, etc.
Where do I send the completed 1120S Form?
The Form must be filed with the local IRS office, a copy is to be retained by the filer on file as well.
