1120s Form 2017

What is the 1120S Form

The 1120S Form is a tax document used by S corporations to report income, deductions, and credits. This form is essential for S corporations as it allows them to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. The information provided on the 1120S Form is crucial for determining each shareholder's tax liability based on their ownership percentage in the corporation.

Steps to Complete the 1120S Form

Completing the 1120S Form involves several key steps to ensure accuracy and compliance with IRS regulations:

• Gather necessary financial documents, including income statements, balance sheets, and previous tax returns.
• Fill out the general information section, including the corporation's name, address, and Employer Identification Number (EIN).
• Report income by detailing all sources of revenue and any deductions applicable to the corporation.
• Complete the tax and payments section, indicating any federal taxes owed.
• Provide signatures from authorized individuals, ensuring all contact information is included for follow-up.

How to Obtain the 1120S Form

The 1120S Form can be easily obtained from the IRS website or through tax preparation software. It is available in a downloadable PDF format, making it accessible for printing and completing by hand. Additionally, many tax professionals can provide the form as part of their services, ensuring that it is filled out correctly and submitted on time.

Key Elements of the 1120S Form

Several key elements must be included when completing the 1120S Form:

• General Information: This includes the corporation's name, address, and EIN.
• Income Reporting: All sources of income must be itemized, including sales, dividends, and interest.
• Deductions: A detailed account of all deductions, such as operating expenses and losses, must be provided.
• Shareholder Information: Each shareholder's ownership percentage and corresponding income must be reported.

Filing Deadlines / Important Dates

Filing the 1120S Form is subject to specific deadlines that must be adhered to in order to avoid penalties:

• The form is typically due on the fifteenth day of the third month following the end of the corporation's tax year.
• If the corporation operates on a calendar year, the deadline is March 15.
• Extensions can be requested, allowing an additional six months to file, but any taxes owed must still be paid by the original deadline.

IRS Guidelines

The IRS provides specific guidelines for completing and filing the 1120S Form. It is essential to follow these guidelines to ensure compliance and avoid potential issues:

• Ensure all information is accurate and complete to prevent delays in processing.
• Review the instructions provided by the IRS for any updates or changes to the form.
• Consult with a tax professional if there are uncertainties regarding the completion or submission of the form.