IRS 1120S 2015 free printable template

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. 2015 estimated tax payments and 2014 overpayment credited to 2015 23a Tax deposited with Form 7004. For Paperwork Reduction Act Notice see separate instructions. Cat. No. 11510H PTIN Form 1120S 2015 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 2015 or tax year beginning A S election effective date TYPE B Business activity code number see instructions 2015 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 2015 or tax year beginning A S election effective date TYPE B Business activity code number see instructions 2015 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*.

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, you can use pdfFiller's editing tools to modify text, add signatures, or make revisions. Simply upload the form to pdfFiller, make the necessary changes, and save the document. This ensures accuracy before submission.

How to fill out IRS 1120S

To fill out IRS 1120S, gather all required financial information regarding your S corporation. Follow these steps:

1. Begin with basic identification information, including the corporation's name, address, and employer identification number (EIN).
2. Complete income sections detailing gross receipts and other income.
3. Deduct eligible expenses, documenting each expense category precisely.
4. Summarize tax credits and other relevant data on the form.

About IRS 1120S 2015 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 2015 previous version

What is IRS 1120S?

IRS 1120S is the tax form used by S corporations to report income, deductions, and credits. It helps ensure compliance with tax regulations for pass-through entities, allowing shareholders to report income on their personal tax returns.

What is the purpose of this form?

The purpose of IRS 1120S is to provide the Internal Revenue Service (IRS) with information about the financial activities of S corporations. By utilizing this form, the company reports its earnings, losses, contributions, and distributions to its shareholders. Accurate reporting aids in the proper calculation of taxes owed.

Who needs the form?

Only corporations that have elected S corporation status under Subchapter S of the Internal Revenue Code need to file IRS 1120S. This includes small businesses that meet certain eligibility requirements, such as having no more than 100 shareholders and only one class of stock.

When am I exempt from filling out this form?

You are exempt from filing IRS 1120S if your corporation has not made an S corporation election or if it failed to meet the specific requirements for S corporation status. Additionally, certain types of corporations, such as qualified foreign corporations, may not need to complete this form.

Components of the form

The IRS 1120S consists of multiple sections including income, deductions, and tax credits. Key components include:

1. Identification of the corporation and its principal business activity
2. Calculation of total income and loss for the year
3. Deductions for qualified expenses and taxes paid
4. Details of distributions to shareholders

Due date

The due date for filing IRS 1120S is typically the 15th day of the third month following the end of your corporation's tax year. For common fiscal year ends, this would mean a deadline of March 15 for calendar year corporations. Failure to file can result in penalties.

What payments and purchases are reported?

IRS 1120S reports various payments and purchases including employee wages, direct costs associated with goods sold, and other general business expenses. Accurate reporting ensures that deductions align with IRS requirements.

How many copies of the form should I complete?

You should complete one original copy of IRS 1120S to send to the IRS. Additionally, retain copies for your records and distribute K-1 forms to shareholders to report their share of the corporation's income, deductions, and credits.

What are the penalties for not issuing the form?

Penalties for not submitting IRS 1120S can be significant, including monetary fines and potential loss of S corporation status. It is crucial to adhere to filing deadlines and requirements to avoid these penalties.

What information do you need when you file the form?

When filing IRS 1120S, you need comprehensive financial data such as income statements, balance sheets, and documentation of deductions. This includes information about shareholder contributions and distributions during the tax year.

Is the form accompanied by other forms?

IRS 1120S is often accompanied by Form 1120S Schedule K-1, which details each shareholder’s share of income, deductions, and credits. Other supplemental forms may be required depending on specific reporting needs.

Where do I send the form?

You should send IRS 1120S to the appropriate IRS address based on your corporation's principal place of business. Be sure to consult the IRS instructions for the correct mailing address to avoid any processing delays.

FAQ about IRS 1120S

What should I do if I need to correct a mistake on my IRS 1120S after filing?

If you need to correct a mistake on your IRS 1120S, you should file Form 1120S-X, the amended return. This form enables you to address specific errors made in the original filing, ensuring that the IRS has accurate records. It's important to clearly indicate the changes made and attach any necessary supporting documents.

How can I verify the receipt of my submitted IRS 1120S?

To verify the receipt of your submitted IRS 1120S, you can contact the IRS directly or use the IRS e-file tracking tool if you filed electronically. This tracking mechanism allows you to check the status of your return and confirm whether it has been processed. Keep an eye out for any notices that may indicate issues with your submission.

What are common e-file rejection codes for IRS 1120S and how should I respond?

Common e-file rejection codes for IRS 1120S can include issues like mismatched information or incorrect formats. Upon receiving a rejection code, carefully review the error details provided, correct the discrepancies, and resubmit the form. It's crucial to address the exact issues noted to avoid further rejections.

What should I maintain in terms of record retention after filing IRS 1120S?

After filing your IRS 1120S, it is essential to maintain records for at least three years from the date of filing. This retention period allows you to provide documentation in case of an audit or if the IRS requests further information. Keeping thorough and organized records will also assist in the event of filing amended returns.

What should I do if I receive an audit notice related to my IRS 1120S?

If you receive an audit notice regarding your IRS 1120S, you should review the notice carefully and gather all requested documentation. Respond promptly to the IRS with the necessary records and explanations. It's advisable to consult a tax professional who can help guide you through the audit process and ensure that you are adequately prepared.