Get the free 1120s 2020-2021 form

Who needs an IRS Form 1120S?

Form 1120S is the US Internal Revenue Service Form that should be filed by S corporations as a 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.

Hey what's up guys this is Josh with CPA on fire, and today we're going to look at how to fill out form 1120s which is the tax return for S corporations okay so the only people that would be using this form are people who have made an election to be taxed as an S corporation, so we'll look at the beginning here you just go over the basic info part a wants to know your s election effective date this will probably be January 1st of whatever year you made the election okay so let's assume that it was for this year all right so one 114 Part B wants to know your business activity code and this is just a code that describes what you do in your business you can find these online if you google tax code or a business activity codes it'll be a list from there for you there's tons and tons of them, so you'll have to sort through and find yours ID you're using tax software it's probably going to give you a choice of them so for now it's a six-digit code we're just going to use the one for other business which is nine nine nine nine nine nine all right, so you come up here they want to know the name of your business, so we'll just use mine as an example all right, and they want to know your address this is the address of the business not your personal address for a lot of you that will be one and the same that's okay so 123 extra city or town okay, so all basic information there box D here that's your employer identification number now this is not your social security number this is a separate tax ID number that you have for your business, and you have to have one of these to be an S corporation so if you never got one you're probably not an S corporation it'll be a seven or a nine-digit number two digits a dash and then seven more okays, so you know what that number is the date incorporated, so this is when you became either a corporation or an LLC okay, so you had to do that before you became an S corporation you can find that in your articles of organization or whatever you used to set up your operation or LLC, so we'll just assume that it was on the same day 14 total assets don't worry about this line for now um you'll, you'll find out if you need to do that or not we'll talk about that here shortly okay, so we go down to box G here or line G is a corporation electing to be an S corporation beginning with this tax year so if this is your first time filing in 1120 s, and you never filed the form 2553 that you were supposed to file click yes okay otherwise click no line H check if one it's your final return, so that would be if this is if you are your business was going out of business this was the last year that you had to file a tax return you're going to click that click box — if you had a name change during the current year 3 if you had an address change for if this is an amended return so if you ready filed your return you're just making changes to it now and 5 if the S selection termination or revocation okay, so this is your last you're just filing...