Get the free Form 355S S Corporation Excise Return 2014 - formupackcom

File pg.1 FOR PRIVACY ACT NOTICE, SEE INSTRUCTIONS. PRINT IN BLACK INK Calendar year filers enter 01012014 and 12312014 below. Fiscal year filers enter appropriate dates. Tax year beginning 3 Tax

How to fill out form 355s s corporation

How to fill out form 355s s corporation:

1. Obtain the form: You can find form 355s s corporation on the official website of the Internal Revenue Service (IRS). Download or request a copy of the form.
2. Gather necessary information: Before filling out the form, gather all the required information. This may include the company's employer identification number (EIN), details of the shareholders, income and deductions, and any other relevant financial information.
3. Fill in the basic information: Start by entering the company's name, address, and EIN at the top of the form. Make sure to provide accurate and up-to-date information.
4. Complete Schedule A-1: This section of the form requires you to provide details about the shareholders. Include their names, addresses, social security numbers, ownership percentages, and any additional information as required.
5. Fill in Schedule K-1: Schedule K-1 is used to report each shareholder's share of income, deductions, and credits. Carefully enter the relevant information for each shareholder, ensuring accuracy and consistency.
6. Complete Schedule B: Schedule B is used to report the company's income. Provide details of the income received, such as dividends, interest, rents, royalties, and other types of income.
7. Fill in Schedule C: Schedule C is used to report the company's expenses. List all the deductible expenses incurred during the tax year, such as salaries, rent, utilities, supplies, and any other necessary expenses.
8. Include other required schedules or forms: Depending on the specific circumstances of the S corporation, additional schedules or forms may be necessary. Make sure to review the instructions provided with form 355s to determine if any additional schedules or forms need to be included.
9. Double-check for accuracy: Before submitting the form, carefully review all the information entered. Make sure there are no errors or omissions that could potentially cause issues or delays.

Who needs form 355s s corporation?

1. S corporations: Form 355s is specifically designed for S corporations. If you operate a business that is structured as an S corporation, you are required to file this form annually.
2. Shareholders of S corporations: Shareholders of S corporations also need form 355s. They will receive Schedule K-1, which reports their share of income, deductions, and credits. This information is necessary for the shareholders to accurately report their personal income on their individual tax returns.
3. Business owners seeking S corporation election: If you are considering electing S corporation status for your business, you may need form 355s. This form is used to submit the necessary documentation to the IRS to obtain S corporation status. However, it is advisable to consult with a tax professional or attorney to ensure compliance with all requirements and implications.

Remember, it is always best to consult with a qualified tax professional or seek expert advice if you have specific questions or concerns regarding form 355s and its requirements.

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What is form 355s s corporation?

Form 355s is used by S corporations to report their income, deductions, and credits to the IRS.

Who is required to file form 355s s corporation?

S corporations are required to file Form 355s with the IRS.

How to fill out form 355s s corporation?

Form 355s must be completed with accurate financial information of the S corporation and submitted to the IRS.

What is the purpose of form 355s s corporation?

The purpose of Form 355s is to report the financial activity of an S corporation to the IRS.

What information must be reported on form 355s s corporation?

Form 355s requires information about the income, deductions, and credits of the S corporation.