Form 1120-S

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What is Form 1120-S? 

Form 1120-S is a form from the Internal Revenue Service (IRS). Also known as “Income Tax Return for an S Corporation,” Form 1120-S is a tax return form that is by S corporations to report income, gains, deductions, and credits for a fiscal year. In simpler terms, Form 1120-S is the annual income tax return filed by S corporations. 

The business structure of an S corporation allows it to “pass-through” to the shareholders the income, gains, deductions, and credits for federal tax purposes. What this generally means is that the status as an S corporation avoids double taxation on both the corporation as a whole and the shareholders. 

What’s unique about Form 1120-S is that it indicates the ownership percentage of each shareholder of an S corporation. The IRS uses this information to determine how much profit and loss each shareholder will have.  

Who must file Form 1120-S? 

Only entities recognized by the IRS as an S corporation can file Form 1120-S. To be elected as an S corporation, a corporation must file Form 2553 and it must be accepted by the IRS. 

When should Form 1120-S be filed? 

The due date of filing Form 1120-S is the 15th day of the third month after the end of the tax year. This means that the due date is March 15 for calendar corporations. 

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