Form 1120S: How to Report Taxes on an S Corporation

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This post was updated in April 2018

Form 1120S: U.S. Income Tax Return for an S Corporation

Moving on through PDFfiller’s review of the tax forms, this post focuses on Form 1120S.

Who files Form 1120S?

A corporation or other entity must file Form 1120S if: (a) it elected to be an S corporation by filing Form 2553, (b) the IRS accepted the election, and (c) the election remains in effect. After filing Form 2553, you should have received confirmation that Form 2553 was accepted. If you didn’t receive notification of acceptance or non-acceptance of the election within 2 months of filing Form 2553 (5 months if you checked box Q1 to ask for a letter ruling), take follow-up action by calling 1-800-829-4933. Don’t file Form 1120S for any tax year before the year the election takes effect. Relief for late elections: if you haven’t filed Form 2553, or didn’t file Form 2553 on time, you may be entitled to relief for a late filed election to be an S corporation. See the Instructions for Form 2553 for details.

What is the purpose of Form 1120S?

The purpose of the form is to report the income, gains, losses, deductions, credits, etc., of a domestic corporation or other entity for any tax year covered by an election to be an S corporation.

Is Form 1120S accompanied by other forms?

If the corporation has not filed Form 2553, it must attach the said form to elect to be an S corporation.

When is the Form 1120S due?

An S corporation must file the Form 1120S by the 15th day of the 3rd month after the end of its tax year. For calendar year corporations, the due date is March 15th, 2018. A corporation that has dissolved must file by the 15th day of the 3rd month after the date it dissolved.

If the due date falls on a Saturday, Sunday, or legal holiday, the corporation can file on the next day that is not a Saturday, Sunday, or legal holiday.

If the S corporation election was terminated during the tax year and the corporation reverts to a C corporation, file Form 1120S for the S corporation’s short year by the due date (including extensions) of the C corporation’s short year return.

How do I fill out Form 1120S?

You can download the IRS instructions on how to fill the Form 1120S here:

Where do I send Form 1120S?

The corporation should file the return at the applicable address listed on the IRS website.



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