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RI-1120S Initial Return S Final Return Rhode Island Business Corporation Tax Return TO BE FILED BY Subchapter S or Limited Liability Companies for calendar year 2009 or fiscal year beginning - ending. IF APPLICABLE ALSO ATTACH A COPY OF THE RI-1096PT FOR PASS-THROUGH WITHHOLDING. Schedule A - Computation of Tax 1. Federal Taxable Income Federal Form 1120S line 21 or Federal Form 1065 line 22 plus any separately stated income or deduction items li...

How to fill out ri 1120s - tax

1. To fill out Form RI 1120S, start by gathering all the necessary information and documentation, such as your company's financial statements, records of income and expenses, and any other relevant paperwork.
2. Next, review the instructions provided by the Rhode Island Division of Taxation for Form RI 1120S. These instructions will guide you through the specific requirements and help you accurately complete the form.
3. Begin by entering your company's basic information, including its name, address, federal employer identification number (FEIN), as well as its principal business activity.
4. Proceed to report your company's income. This includes reporting sales, gross receipts, and any other sources of revenue. Make sure to accurately calculate and report all income sources and include any necessary supporting documentation.
5. Deduct any eligible expenses and deductions allowed by the Rhode Island tax law. These can include costs related to wages, rent or lease payments, interest expenses, depreciation, and other business-related expenses. Keep in mind that you should have proper documentation to support each deduction claimed.
6. Calculate the total taxable income for your company by subtracting the deductible expenses from the total income.
7. Once you have determined the taxable income, apply the appropriate tax rate to calculate the amount of Rhode Island income tax owed by your corporation.
8. After determining the tax amount, make sure to fill out the payment information section. Indicate whether you are making a payment with the return or if you need to request an installment plan.
9. Review the completed Form RI 1120S for any errors or omissions. Ensure that all information provided is accurate and that all necessary sections have been completed.
10. Sign and date the form, and include any required attachments or schedules as outlined in the instructions.

Who needs RI 1120S?

1. Form RI 1120S is specifically designed for S-corporations operating in Rhode Island. S-corporations are typically required to file this form to report their income, deductions, and other tax-related information to the Rhode Island Division of Taxation.
2. S-corporations are distinct legal entities that provide pass-through taxation, meaning that the income, deductions, and tax liabilities are passed through to the shareholders. Filing Form RI 1120S allows the S-corporation to report this information to the state and ensure compliance with Rhode Island tax laws.
3. It is important for S-corporations operating in Rhode Island to determine whether they meet the filing requirements set by the state. Generally, if an S-corporation earned income in Rhode Island during the tax year or if it has a Rhode Island resident shareholder, it will likely need to file Form RI 1120S. However, it is always recommended to consult with a tax professional or refer to the instructions provided by the Rhode Island Division of Taxation to determine the specific filing obligations.

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What is ri 1120s?

RI 1120S is a form used by small businesses that elect to be treated as S corporations for federal tax purposes.

Who is required to file ri 1120s?

Small businesses that have elected to be treated as S corporations and meet the eligibility requirements must file RI 1120S.

How to fill out ri 1120s?

To fill out RI 1120S, you need to provide information about the corporation's income, deductions, tax credits, shareholders' details, and other relevant financial information.

What is the purpose of ri 1120s?

The purpose of RI 1120S is to report the income, deductions, credits, and other information of an S corporation to the Rhode Island Division of Taxation.

What information must be reported on ri 1120s?

RI 1120S requires reporting of the corporation's income, deductions, tax credits, shareholders' details, and other relevant financial information as specified in the form instructions.