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What Is The 1120S Form?

The 1120S template is specifically used by companies classified as S corporations.

The information that is included in this document relates to general income, dividends and losses the organization has during the tax year.

These companies must share income details with shareholders according to federal requirements. It’s important to make sure all data is recorded correctly, since the Internal Revenue Service defines every personal shareholder’s earnings by the percent of ownership they have in the firm.

How to Complete IRS Form 1120S?

The blank can be easily edited and signed using SignNow’s editor.

With our simple and user-friendly toolkit, you can create an organized report and then print out or file it via email. By following all the required steps, the filling out process will not be a problem for you.

This sample is subdivided into several sections:

  1. The first page contains the general information about the company, itemized earnings with expenses and the following aspects:
    • The year reported, full name, contacts, and address of the company;
    • Employer Identification Number and Business Activity Code;
    • Reported earnings that are subdivided into separate parts and finally counted into one sum;
    • All details related to deductions, including the general sum of deductions and ordinary losses.
  2. The tax and payments block covers all possible federal taxes the firm should pay.
  3. The bottom of the page includes the signature of whoever is completing the document and his/her contacts (if the IRS wishes to discuss any details provided in the form).
  4. Any additional information is subdivided into separate parts for the purpose of identifying the income and losses of shareholders, checking accounting methods, and viewing various circumstances of tax requirements during the current and previous year.

If there are any misunderstandings on how to complete the 1120S form online, it’s recommended that you contact a consultant in order to complete the sample correctly and to avoid any penalties or problems with the IRS.