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.
References in periodicals archive ?
The Form 1120-S is due to the IRS on the fifteenth day of the third month of the year.
Nolan replied that the IRS has no plans to require additional schedules other than adding Schedule M-3 to the returns for partnerships (Form 1065), Subchapter S Corporations (Form 1120-S), life insurance companies (Form 1120-L), and property and casualty insurance companies (Form 1120-PC).
In 2004, the IRS established "the Modernized e-File" system for e-filing (1) Form 1120 for corporations, (2) Form 1120-S, U.S.
In a number of these situations, (3) the corporate minutes reflected the company's desire to be an S corporation, and Form 1120-S, U.S.
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.S.
In most rulings to date, an employee, lawyer, accountant or owner forgot to mail or fin out the Form 2553, but the company filed Form 1120-S, US.