Preparer s SSN or PTIN Check if selfemployed EIN Phone no. Cat. No. 11510H Form 1120S 2009 Schedule A 9a Page Inventory at beginning of year. Form 1120S U.S. Income Tax Return for an S Corporation Department of the Treasury Internal Revenue Service C Check if Sch. M-3 attached 2009 ending Name D Employer identification number Number street and room or suite no. 22 a b c 23 a d Excess net passive income or LIFO recapture tax see instructions. 22a Tax from Schedule D Form 1120S. 22b Add lines 22a...and 22b see instructions for additional taxes. 2009 estimated tax payments and 2008 overpayment credited to 2009 23a Tax deposited with Form 7004. Certain 2010 Cash Contributions for Haiti Relief Can Be Deducted As If Made on December 31 2009 A new law allows the option of treating certain charitable contributions of money made after January 11 2010 and before March 1 2010 for the relief of victims in areas affected by the January 12 2010 earthquake in Haiti as if they were made on December 31...2009. Contributions of money include contributions made by cash check money order credit card charge card debit card or via cell phone. The new law was enacted after the 2009 forms instructions and publications had already been printed so this alert is being added to the electronic version of certain impacted products. The contribution must be made to a qualified organization and meet all other requirements for charitable contribution deductions. However if the contribution was made by phone or...text message a telephone bill showing the name of the donee organization the date of the contribution and the amount of the contribution will satisfy the recordkeeping requirement. Therefore for example for a 10 charitable contribution made by text message that was charged to a telephone or wireless account a telecommunications company bill containing this information satisfies the recordkeeping requirement. If a P. O. box see instructions. E Date incorporated City or town state and ZIP code Use...IRS label* Otherwise print or type. B Business activity code number see instructions Do not file this form unless the corporation has filed or is attaching Form 2553 to elect to be an S corporation* See separate instructions. For calendar year 2009 or tax year beginning A S election effective date OMB No* 1545-0130 F Total assets see instructions Yes No G Is the corporation electing to be an S corporation beginning with this tax year If Yes attach Form 2553 if not already filed Name change...Address change Final return H Check if 1 S election termination or revocation Amended return I Enter the number of shareholders who were shareholders during any part of the tax year. Tax and Payments Deductions see instructions for limitations Income Caution* Include only trade or business income and expenses on lines 1a through 21. See the instructions for more information* 1a Cost of goods sold Schedule A line 8. Gross profit. Subtract line 2 from line 1c. Net gain loss from Form 4797 Part II...line 17 attach Form 4797. Other income loss see instructions attach statement.
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How to fill out IRS 1120S
Instructions and Help about IRS 1120S
How to edit IRS 1120S
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How to fill out IRS 1120S
Filling out the IRS 1120S tax form involves several detailed steps to report the income, deductions, and tax liability of an S corporation. Follow these steps to complete the form:
01
Gather all necessary financial documentation, including income statements, expenses, and prior tax returns.
02
Begin by entering the business name, EIN, and address in the designated fields at the top of the form.
03
Report total income on the first page, detailing gross receipts or sales and any other income sources.
04
Deduct business expenses in their relevant sections, ensuring accuracy to minimize tax liability.
05
Complete the shareholder information section, indicating the allocation of income, losses, and deductions to each shareholder.
06
Sign and date the form before submission, ensuring all entries are accurate and complete.
About IRS 1120S 2009 previous version
What is IRS 1120S?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS 1120S 2009 previous version
What is IRS 1120S?
IRS Form 1120S is the U.S. tax form used by S corporations to report income, deductions, and tax liability. This form ensures that S corporations, which pass income directly to shareholders, comply with federal tax regulations.
What is the purpose of this form?
The purpose of IRS 1120S is to report the financial activities of an S corporation for the tax year. It allows the corporation to disclose its income, deductions, and any credits, thereby determining the tax obligations of the shareholders.
Who needs the form?
S corporations required to file IRS Form 1120S include any eligible domestic corporation that has elected S corporation status by filing Form 2553. This includes those that meet the IRS requirements regarding the number of shareholders, type of shareholders, and business activities.
When am I exempt from filling out this form?
Certain small businesses or eligible entities may be exempt from filing Form 1120S if they do not have any income or if they have chosen not to be taxed as an S corporation. Additionally, if an S corporation has terminated its status, specific final return forms must be filed instead.
Components of the form
IRS Form 1120S consists of several key components, including an income section, a deductions section, a tax computation section, and the shareholder information section. Each of these components must be accurately completed to reflect the corporation’s financial performance during the tax year.
What are the penalties for not issuing the form?
Failing to file IRS Form 1120S on time may result in penalties, which can accumulate daily until the form is submitted. Additionally, individual shareholders may also be subject to additional taxes on their share of the S corporation’s income if the form is not filed.
What information do you need when you file the form?
When filing IRS Form 1120S, you will need various pieces of information, such as the corporation's Employer Identification Number (EIN), financial statements including income and expenses, details about stock ownership, and any applicable deductions or credits. Keeping thorough records will facilitate accurate reporting.
Is the form accompanied by other forms?
IRS Form 1120S may need to be accompanied by additional forms, such as Schedule K-1, which reports each shareholder's share of income, deductions, and credits. Depending on the corporation’s activities, other forms may also be required to ensure compliance with tax obligations.
Where do I send the form?
The submission address for IRS Form 1120S varies depending on the corporation's principal business location and whether the return is accompanied by a payment. Consult the IRS instructions or the official IRS website for the correct mailing address based on your specific circumstances.
FAQ about IRS 1120S
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What is IRS 1120S?
IRS 1120S is the tax form used by S corporations to report income, deductions, and credits to the Internal Revenue Service.
Who is required to file IRS 1120S?
S corporations, which are corporations that elect to be taxed under Subchapter S of the Internal Revenue Code, are required to file IRS 1120S.
How to fill out IRS 1120S?
To fill out IRS 1120S, you need to provide details regarding the corporation's income, deductions, and any relevant tax credits, following the specific instructions provided by the IRS.
What is the purpose of IRS 1120S?
The purpose of IRS 1120S is to report the financial activity of an S corporation and to calculate the tax liability of the corporation's shareholders.
What information must be reported on IRS 1120S?
Information that must be reported on IRS 1120S includes the corporation's income, expenses, deductions, credits, and information about the shareholders.
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