Form 1120-S

Learn about Form 1120-S and more with Workstream and improve your hiring vocabulary. Workstream helps companies hire better, faster - everyday.
Schedule a Demo Try Workstream for Free

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. 

Try out Workstream to hire employees for
your business

A revolutionary hiring process for Hourly positions

A revolutionary hiring process for Hourly positions Hiring hourly staff in San Francisco can be a tough job. Workstream can help accelerate the process by letting you post on job boards like Indeed within seconds.


1-Click Job Posting

No more tedious copy and pasting. We integrate with all the top job boards. All applicants funnel into one intuitive dashboard.

Text-to-Apply Posters

Print out your unique QR code and text message number. Applicants scan/text to see all open positions and apply right away.

Automated & 2-Way SMS

Engage with applicants via text. Include links to screening questions, forms, and more. Use 2-way text to answer questions.

Endless Integrations

Connect Workstream to your calendar so applicants can schedule interviews. Streamline onboarding with background check & HR integrations.

Candidate Tracking & Scoring

View all your applicants and employees in one place. Make notes on their progress. Access their docs anytime from anywhere.

Customizable Templates

We provide templates for everything from job postings to offer letters. Send links to docs and tax forms via text message so new hires sign digital copies.

What other owners
think about hiring through Workstream

"Easy to use!"


Buckingham Investments

"By confirming the candidate's interest in real time, with the convenience of scheduling and reminding the candidate for appointments."


Alegre Home Care


Currently hiring on Workstream for:

Home Care Aide/ Caregiver

Child Care Assistant

School Nurse LVN

"Workstream is user-friendly which helps with mass recruiting as managers can log on and look at applicants, as well as leave me notes on who they would like to interview. "


Willamette Valley Vineyards


Currently hiring on Workstream for:

Winery Prep Cook

Tasting Room Lead

Concierge