"Master Form 1120S Filing in 10 Simple Steps"

This article provides a detailed, step-by-step guide for S Corporations on how to accurately complete and file IRS Form 1120S, covering everything from downloading the form to allocating income to shareholders and ensuring timely submission.


Comprehensive Guide to Filing Form 1120S for S Corporations

Form 1120S is used by S Corporations to report their income, gains, losses, deductions, and credits for the tax year. Below is a step-by-step guide to completing the form.

Step Description
Step 1
Download Form 1120S: Obtain the latest version of Form 1120S from the IRS website. Ensure you have all supporting documents ready, including financial statements and shareholder information.
Step 2
Complete Basic Information: Fill out the top section of the form with the corporation name, address, EIN (Employer Identification Number), incorporation date, and total assets.
Step 3
Complete Schedule K: Provide details of the corporation’s income, deductions, credits, and other items. This section summarizes the information passed to shareholders.
Step 4
Complete Schedule L: Fill out the balance sheet section, including total assets, liabilities, and shareholder equity as of the beginning and end of the tax year.
Step 5
Complete Schedule M-1: Reconcile book income with taxable income. Show any adjustments between net income per books and income reported on Form 1120S.
Step 6
Complete Schedule M-2: Report changes in retained earnings, including distributions to shareholders for the tax year.
Step 7
Attach Supporting Schedules: Include any necessary supporting schedules such as depreciation, deductions, or other details related to income and expenses.
Step 8
Allocate Income to Shareholders: Use Schedule K-1 to allocate income, deductions, and credits to each shareholder according to their ownership percentage.
Step 9
Review and Double-Check: Verify all figures, cross-check totals, and ensure the form is completed accurately. Errors can lead to penalties or delays.
Step 10
Sign and File: Have an authorized officer sign the form. File Form 1120S electronically or by mail, as per IRS instructions. Ensure it’s filed by the due date, typically March 15 for calendar-year corporations.


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