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IRS Form 1120S: the Tao of the S Corporation

Read up on IRS Form 1120S because tax reporting is slightly different for S Corporations!

Moving on in our review of corporate tax forms, PDFfiller takes on IRS Form 1120S used by S-Corporations to report the income, gains, losses, deductions, credits, etc., of a domestic corporation or other entity for any tax year.

Who uses the IRS form 1020S?

IRS 1120s is the form used for reporting the income of pass through partnerships or S Corporations.

What or who are S Corporations?

S corporations are legal corporate entities with one class of stock, less than one hundred shareholders and no nonresident shareholders.

Why would anyone obtain S Corp filing status?

Small class corporations can allow all profits to be passed directly to shareholders, avoiding corporate tax liability. S Corp status may provide some asset protection from creditors. Shareholders also may receive compensation without having it subjected to payroll taxes and social security tax.

What else needs to be filed in order to claim S Corp Status?

In order to file 1120s, the corporation must previously have filed a form 2553, electing to file as an S corporation.

What information is required on an IRS Form 1120S ?

A properly filled out 1120S form  also includes a 1125-A if the business has a cost of goods sold deduction, and a 1125-E if the partnership is taking a deduction for Officer Compensation.

What other deductions are allowed for an S Corp?

Deductions are allowed for depreciation, repairs and maintenance, taxes, rent, interest, employee salaries and compensation, employee benefit plans, depletion, advertising, bad debts and licenses.

Are there any credits available to an S Corp?

If the business uses some alternative energy sources, a credit is available by filing form 4136.

How I fill out IRS Form 1120?

You can edit, save, share, and sign your S-corporation’s 1120S form using PDFfiller.  To fill in the form you will need the Corporation’s name and address,  the Employer Identification Number (EIN), and the S corporation’s total assets, income, deductions, and tax and payments. For more information on how to properly fill out this form, check out the following video:

When is the IRS Form 1120S Due?

Corporate tax returns are always due on the 15th day of the third month, following the close of the tax year. If the due date falls on a Saturday, Sunday, or legal holiday, the corporation can file on the next business day.

Where do I send my completed IRS Form 1120S?

Once you have filled your IRS 1120 S Form, you can send it to the following address:  Department of the Treasury
Internal Revenue Service
, Ogden, UT 84201-0013.  For more information on how to fill out the form and where to send it, you can consult the IRS instruction page here.

Now that you know the way of the S Corporation, get started filling out your IRS 1120S Form with PDFfiller today!