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. 2016 estimated tax payments and 2015 overpayment credited to 2016 23a Tax deposited with Form 7004. For Paperwork Reduction Act Notice see separate instructions. Cat. No. 11510H PTIN Form 1120S 2016 Schedule B Page Other Information see instructions a See the instructions and enter the Check accounting method Yes No Cash Accrual...Other specify b Product or service At any time during the tax year was any shareholder of the corporation a disregarded entity a trust an estate or a nominee or similar person If Yes attach Schedule B-1 Information on Certain Shareholders of an S Corporation. Form 1120S Department of the Treasury Internal Revenue Service U.S. Income Tax Return for an S Corporation OMB No. 1545-0123 Do not file this form unless the corporation has filed or is attaching Form 2553 to elect to be an S corporation. ...Information about Form 1120S and its separate instructions is at www.irs.gov/form1120s. For calendar year 2016 or tax year beginning A S election effective date TYPE B Business activity code number see instructions 2016 ending Name OR PRINT D Employer identification number Number street and room or suite no. Form 1120S Department of the Treasury Internal Revenue Service U*S* Income Tax Return for an S Corporation OMB No* 1545-0123 Do not file this form unless the corporation has filed or is...attaching Form 2553 to elect to be an S corporation* Information about Form 1120S and its separate instructions is at www*irs*gov/form1120s. For calendar year 2016 or tax year beginning A S election effective date TYPE B Business activity code number see instructions 2016 ending Name OR PRINT D Employer identification number Number street and room or suite no. If a P. O. box see instructions. E Date incorporated City or town state or province country and ZIP or foreign postal code F Total...assets see instructions C Check if Sch* M-3 attached Yes No If Yes attach Form 2553 if not already filed G Is the corporation electing to be an S corporation beginning with this tax year Name change Address change S election termination or revocation Final return 2 Amended return H Check if 1 I Enter the number of shareholders who were shareholders during any part of the tax year. Caution Include only trade or business income and expenses on lines 1a through 21. See the instructions for more...information* 1a. 1b Balance. Subtract line 1b from line 1a. Cost of goods sold attach Form 1125-A. Gross profit. Subtract line 2 from line 1c. Net gain loss from Form 4797 line 17 attach Form 4797. Other income loss see instructions attach statement. Total income loss. Add lines 3 through 5. Compensation of officers see instructions attach Form 1125-E. Salaries and wages less employment credits. Repairs and maintenance. Bad debts Rents. Taxes and licenses. Interest. Depreciation not claimed on...Form 1125-A or elsewhere on return attach Form 4562. Depletion Do not deduct oil and gas depletion*.
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How to fill out IRS 1120S
Instructions and Help about IRS 1120S
How to edit IRS 1120S
Editing IRS 1120S can be done through various means. If you are using a digital format like pdfFiller, you can easily fill in information, make corrections, and save your progress. To edit the form, locate the specific fields that require updates and ensure all data is accurate before finalizing the submission.
How to fill out IRS 1120S
To fill out IRS 1120S, gather all necessary financial information related to your S Corporation. Follow these steps:
01
Download the IRS 1120S form from the IRS website or use a reliable service.
02
Complete the identification section with your business's legal name, address, and employer identification number (EIN).
03
Fill in the income section with all revenue figures and deductions.
04
Consolidate expenses, credits, and taxes owed in the corresponding sections.
05
Review and ensure all information is accurate before saving or submitting the form.
About IRS 1120S 2016 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
Due date
What payments and purchases are reported?
How many copies of the form should I complete?
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 2016 previous version
What is IRS 1120S?
IRS 1120S, also known as "U.S. Income Tax Return for an S Corporation," is a tax form used by S Corporations to report income, deductions, and other tax liabilities. It facilitates the election to be taxed as an S Corporation under Subchapter S of the Internal Revenue Code.
What is the purpose of this form?
The purpose of IRS 1120S is to calculate the tax owed by an S Corporation while allowing pass-through taxation to shareholders. This means that income is taxed at the individual shareholder level, avoiding double taxation found in traditional C Corporations.
Who needs the form?
S Corporations that have elected S Corporation status and earned income during the tax year must file IRS 1120S. Any entity meeting the requirements under Subchapter S must use this form, including those with multiple shareholders or single-owner entities choosing to be taxed as an S Corporation.
When am I exempt from filling out this form?
You may be exempt from filing IRS 1120S if your S Corporation did not have any income, deductions, or tax liability for the year. However, if the S Corporation has any reportable financial activities, it must still file the form to maintain its S Corporation status.
Components of the form
IRS 1120S consists of several key components, including sections for income and deductions, balance sheets, and shareholder information. Each section requires detailed financial data to ascertain the corporation's financial position, ensuring accurate reporting and compliance with IRS requirements.
Due date
The due date for filing IRS 1120S is typically March 15 for calendar-year corporations. If this date falls on a weekend or holiday, the deadline is extended to the next business day. Provisions exist for extensions, but an application for extension must be filed timely to ensure compliance.
What payments and purchases are reported?
Payments and purchases reported on IRS 1120S include ordinary business income, wages paid to employees, and other operational expenses. Accurate reporting ensures that the income is properly accounted for and that any deductions are claimed appropriately.
How many copies of the form should I complete?
You should complete one copy of IRS 1120S for filing with the IRS. However, additional copies may need to be provided to shareholders, as they will need the information to report their individual income tax obligations based on the pass-through income from the S Corporation.
What are the penalties for not issuing the form?
If you fail to file IRS 1120S by the due date, penalties may be imposed. These penalties can include a monetary fine based on the number of months the form is late. Continued failure to comply can lead to additional IRS scrutiny and potentially jeopardize your S Corporation status.
What information do you need when you file the form?
When filing IRS 1120S, gather essential information, including your corporation’s EIN, income statements, expense reports, and shareholder information. Completing the form accurately requires a comprehensive understanding of the corporation’s financial status and obligations.
Is the form accompanied by other forms?
IRS 1120S may require accompanying forms such as Schedule K-1, which reports each shareholder's share of income, deductions, and credits. Additional forms may also be necessary depending on specific circumstances, such as employment taxes or information regarding certain deductions.
Where do I send the form?
The completed IRS 1120S form should be mailed to the appropriate address listed in the instructions, based on your corporation's location and whether you are enclosing any payment. Ensure that you send your form to the correct address to avoid delays in processing.
FAQ about IRS 1120S
What should I do if I notice an error after filing my IRS 1120S?
If you find a mistake after submitting your IRS 1120S, you should file an amended return. Use Form 1120S, check the box for an amended return, and provide the corrected information. Ensure this form is filed as soon as the error is discovered to minimize potential issues.
How can I check the status of my IRS 1120S submission?
To verify the receipt and processing status of your IRS 1120S, you can use the IRS's e-file status tool or contact the IRS directly. Keep your confirmation numbers or relevant details handy, as it will help expedite the process. Tracking your submission ensures that you address any issues promptly.
What are some common errors made when filing the IRS 1120S?
Common mistakes include misreporting income, incorrectly calculating deductions, and failing to sign the form. Double-checking numbers and ensuring all required sections are completed can help you avoid these issues and ensure your IRS 1120S is filed correctly.
Can I e-file my IRS 1120S using tax preparation software?
Yes, many reputable tax preparation software programs support the e-filing of IRS 1120S. Ensure the software is updated and compliant with the latest IRS requirements to avoid compatibility issues during filing. This method also offers convenience and quicker processing times.
What should I do if I receive a notice from the IRS regarding my 1120S?
If you receive a notice from the IRS related to your IRS 1120S, read it carefully to understand the issue being raised. Respond promptly, providing any required documentation or clarifications mentioned in the notice. Keeping organized records can facilitate an effective response to IRS inquiries.
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