Form 1120-S

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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The Form 1120-S is due to the IRS on the fifteenth day of the third month of the year.
In 2004, the IRS established "the Modernized e-File" system for e-filing (1) Form 1120 for corporations, (2) Form 1120-S, U.
A corporation falls to qualify as an S corporation solely because its Form 2553, Election by a Small Business Corporation (Under section 1362 of the Internal Revenue Code), was not filed timely; the corporation intended to be an S corporation; the corporation and its shareholders reported their income consistent with S status for the tax year the election should have been made and for every subsequent year; at least six months had elapsed since the date on which the corporation filed its tax return oil Form 1120-S, U.