Form 1120S U.S. Income Tax Return for an S Corporation OMB No. 1545-0130 Department of the Treasury Internal Revenue Service A S election effective date Name Do not file this form unless the corporation
pdfFiller is not affiliated with IRS
Get, Create, Make, and Sign IRS 1120S
Edit your IRS 1120S online
Type text, complete fillable fields, insert images, highlight or blackout data for discretion, add comments, and more.
Add your legally-binding signature
Draw or type your signature, upload a signature image, or capture it with your digital camera.
Share your form instantly
Email, fax, or share your IRS 1120S via URL. You can also download, print, or export forms to your preferred cloud storage service.
Instructions and Help about IRS 1120S
How to edit IRS 1120S
How to fill out IRS 1120S
Instructions and Help about IRS 1120S
How to edit IRS 1120S
To edit IRS 1120S, use a PDF editor that allows for modifications. Tools like pdfFiller enable you to easily update entries on your tax form. Ensure all changes reflect accurate financial information.
How to fill out IRS 1120S
Filling out IRS 1120S requires attention to detail. Begin by gathering your business's financial records, including income statements and receipts. Follow these steps:
01
Download the IRS 1120S form.
02
Provide your business name, address, and employer identification number (EIN).
03
Fill in income, deductions, and credits accurately.
04
Complete the balance sheet section if applicable.
05
Sign and date the form prior to submission.
About IRS 1120S 2011 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 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 2011 previous version
What is IRS 1120S?
IRS 1120S is the U.S. tax form used by S corporations to report income, deductions, and credits. This form allows S corporations to pass their income directly to shareholders, thus avoiding double taxation. The IRS 1120S is critical for maintaining compliance with federal tax regulations.
What is the purpose of this form?
The primary purpose of the IRS 1120S form is to report the financial performance of S corporations. It helps determine the corporation's tax obligations and provides a clear outline of income earned, expenses incurred, and deductions claimed throughout the tax year. This information is also important for shareholders to report their income on their individual tax returns.
Who needs the form?
Only S corporations, which meet specific IRS criteria, are required to file IRS 1120S. To qualify, the corporation must have no more than 100 shareholders and all must be U.S. citizens or resident aliens. Additionally, the corporation cannot have more than one class of stock, and it must not be an ineligible corporation, such as certain financial institutions or insurance companies.
When am I exempt from filling out this form?
Exceptions to filing IRS 1120S include scenarios where the S corporation has chosen to terminate its S status during the tax year or if the corporation has no income or expenses. Furthermore, if the corporation was dissolved before the end of the tax year, it would not be required to file the form.
Components of the form
The IRS 1120S is composed of several sections, including:
01
Basic information about the corporation (name, address, EIN).
02
Income section to report gross income and other income sources.
03
Deductions to account for operating expenses, salaries, and other local taxes.
04
Schedule K to report the shareholders' shares of income, deductions, and credits.
Each section must be completed accurately to reflect the financial situation of the corporation.
Due date
The due date for filing IRS 1120S is typically the 15th day of the third month following the end of the corporation’s tax year. For most S corporations operating on a calendar year, this means the form is due on March 15. Failure to file by this deadline can result in penalties.
What are the penalties for not issuing the form?
Failing to file IRS 1120S on time may incur penalties set by the IRS. The penalty is generally $210 for each month the return is late, multiplied by the number of shareholders. Moreover, if the return is not filed, the S corporation may lose its S status, which can have lasting tax implications.
What information do you need when you file the form?
When filing IRS 1120S, you need the following information:
01
Company name and address.
02
Employer Identification Number (EIN).
03
Financial statements including profit and loss statements.
04
Records of deductions and credits applicable to the tax year.
05
Information regarding shareholders' ownership and distributions.
Is the form accompanied by other forms?
IRS 1120S may need to be accompanied by additional forms such as Schedule K-1, which reports individual shareholder income, deductions, and credits. Depending on the corporation's activities, other forms such as IRS Forms 8886 may also be required for specific disclosures.
Where do I send the form?
Where to send IRS 1120S depends on the business's location and whether payment is included. Corporations can typically mail their returns to the appropriate IRS service center as specified in the form’s instructions. It's advisable to check the latest IRS guidelines for mailing addresses.
FAQ about IRS 1120S
What should I do if I need to correct an error after filing IRS 1120S?
If you discover an error after filing your IRS 1120S, you can submit an amended return using Form 1120S-X. It's essential to provide a clear explanation of the correction and any supporting documentation. Be sure to keep records of both the original and amended filings for future reference.
How can I verify the status of my IRS 1120S submission?
You can track the status of your IRS 1120S by visiting the IRS website and using their online tools for checking the status of your filed forms. Additionally, you may receive updates via mail or through your e-filing software, which often provides notifications about the processing status.
What common mistakes should I avoid when submitting IRS 1120S?
Common mistakes to avoid when submitting your IRS 1120S include incorrect calculations, failing to report all income, and neglecting to sign the form. Double-checking your entries and using tax software or consulting a tax professional can help you minimize errors.
What should I do if I receive an IRS notice related to my 1120S filing?
If you receive an IRS notice regarding your filing of IRS 1120S, carefully review the notice for any requested action or information. Prepare the necessary documentation and respond promptly to ensure compliance and resolve any issues effectively.
See what our users say
Read user feedback and try pdfFiller to explore all its benefits for yourself
Work and Study Budy
Overall I love the app and all the features it offer! The benefits totally outweigh the cost. Amazing app!
What I like most about the feature is I can use it both for work to fill out pdf files and for my personal studies where I can write notes, comment, add highlights and more to the file.
What I least like about this is it can be a bit pricey to maintain especially if I were only a student. But good thing I am also using it for work so I can really maximize its use.
Llana Melissa S.
A very useful tool for PDFs
Very good experience. In my beginnings I had a little trouble but everything came very quickly. I mainly use it for my professional paperwork with the administrations when I need to edit some files and sometimes I use it to sign. Not only do we save paper but also if we don't have a printer or are on a mobile or the tablet one can use this application. It's great !
Multiple features, easy and practice of use, especially for the modification of documents.
One thing to take into account is that pdfFiller is not easy for one who doesn't know more about this kind of software. Slight bugs sometimes but otherwise nothing to report on the software.
Use this catalog to find any type of IRS forms. We've gathered all of them under this section uncategorized to help you to find a proper form faster. Once you spot it on this list, have a look at the versions and schedules you might need as attachments. All returns are available for 2016 and for previous fiscal years.
