Form 1120-C and Form 1120: Basics
Form 1120-S: U.S. Income Tax Return for an S Corporation Definition
The Form 1120-S must be filed by the shareholder(s) or their agent, on or before the due date, as indicated on the Form 1120-S. U.S. tax, foreign taxes (if applicable), withholding, and/or fees of the S corporation in connection with the tax return are deducted, along with the shareholder's share of state, local, municipal, and/or foreign income tax due. As a shareholder of an S corporation, with respect to dividends received by it after March 15, 2016, the following rules apply. In general, the term “dividends received by it after March 15, 2016”, in computing the shareholder's tax liability under U.S. law, includes: dividends received by it before and after March 15, 2016; dividends to holders of class A and class B capital stock (including those in the case of a U.S. REIT or a foreign REIT); dividends by it received from a non-resident alien individual (other than a U.S. REIT); and Dividends paid by it to an estate under the laws of the United States or of any state, or under laws of a foreign country, or under the domestic law of any treaty country. No amount is includible in the shareholder's tax for S corporation dividends received after March 15, 2016, if, for that tax year, the S corporation meets the requirements in the tables below or unless (i) it has either a qualifying interest or is a qualifying estate (or, in the case of a REIT, a REIT income-generation vehicle). Income Tax Return If you are not a beneficiary or owner of a beneficial interest in the S corporation, you must file a U.S. income tax return for any taxable year ending on or after January 1, 2017. For example, if an S corporation that does not have a qualifying interest in or ownership of any income from which to pay dividends has a taxable year ending on or before December 31, 2017, you will file a U.S. income tax return. The Internal Revenue Service may provide instructions that will give you a taxable year ending on or before a later date on which you will file a return. If you are the S corporation's owner, you have to file a Form
Form 1120-S: U.S. Income Tax Return for an S Corporation Definition
This form is sent to the Internal Revenue Service (IRS). These schedules can be used to: determine whether there is an election to include S corporation share of income by shareholders of the corporation, and Determine how dividends of the corporation and its shareholders are treated. If an S corporation is treated as a partnership for federal income tax purposes, Form 1120-S also requires information about the partnership's income, deductions, and credits. This information should be listed on Part III. If an S corporation is a personal service corporation (PSC) for federal income tax purposes, Form 1120-S also requires information about the corporation's income, deductions, and credits. This information should be listed on Part III. What if the information on the Schedule A is incorrect? If your Schedule A doesn't give the correct information, we will apply the following adjustments and provide notice of your corrections. If the corrected information doesn't affect the corporation's income tax, we'll include it in the return. If the amended information affects the corporation's federal tax liability, we'll apply either of the following: a) the modified adjusted gross income of the corporation, or b) the corporation's income amount on the Form 1120. If either of the adjustments above applies, no notice should be sent. Corrected return with income amount in effect Before we send a corrected return you must receive the following information. The following information must be found on the corrected return: Your corrected income tax return. Your corrected Form 1120-S. This item lists any adjustments that affect your income tax. You must have your corrected Form 1120-S if you haven't received it yet. The date the schedule is due. Any return received after that date but before the due date of the amended return may not be accepted. Corrected schedule Schedule A Corrected return without income amount on Form 1120-S Form 1120-S may be filed by completing the Form 1120. If a return is missing some or all of the information required on the form, or it's incorrect because of a typographical error, we may not fill the entire form. Therefore, our procedures for completing Schedule A depend on the return missing some or all of the required information. If we find that the return is missing any of the information on Schedule A, we won't make any of the adjustments listed on this form, even if the additional information required is on the
Award-winning PDF software
