Form 1120-S

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Form 1120-S

A tax return for the income of an S-corporation. A corporation files Form 1120-S to report its revenue, expenses, and profits or losses. It also uses Form 1120-S to claim deductions and credits, which is especially important in the United States because corporate tax rates historically have been high compared to other countries.
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WITH THE ADDITION OF 1120 AND 1120S FORMS AND schedules in February and August 2004, virtually all corporate taxpayers will be able to file their returns electronically--even complex consolidated returns of companies with multiple subsidiaries.