What is Form 1120S?
Form 1120S is called the U.S. Income Tax Return for an S Corporation. A company must submit this form if it bears a status of an S corporation and the Internal Revenue Service has approved this status. The form cannot be filed for the tax year before the time the approval becomes active.
What is Form 1120S for?
You must complete this form for reporting the deductions, income, credits, losses, gains and other details of a domestic company or other organization for the tax year that is covered by the confirmation to acquire the status of an S corporation.
When is Form 1120S Due?
Basically, the company must submit this document by the 15th day of every 3d month after the close of the tax year. When it refers to the calendar year, the deadline is March 15th, 2017. In case of the fiscal year, the due date changes. When the due date coincides with the national holiday, Sunday or Saturday, you must file the form the next day.
Is Form 1120S Accompanied by Other Forms?
This form must be filed along with Form 2553 that is the Election by a Small Business Corporation. Unless the company provides this document, you cannot submit Form 1120S.
What Information do I Include in Form 1120S?
The basic part of the form is devoted to the deductions, income, tax and other payments of the company. There are generally 27 prompts. Moreover, the document includes several schedules that also must be filled. Make a set of calculations to complete the form properly and avoid its rejection.
Where do I Send Form 1120S?
File this form with the Internal Revenue Service.