1120 a Irs Form

Instructions and help about 1120 A Irs

form 1120s u.s income tax return for an s corporation is the federal tax form used by entities that have made an election to be taxed as an s corporation the entity in question which could be an llc or a regular corporation would make the election by filing a properly executed form 2553 with the irs generally this requires that you accept december 31st as the end of your tax year although you can be granted a fiscal year end if you apply for it and have a valid business purpose such as your natural business year ends on a different date other than december 31st the tax form is used to report the income deductions and credits experienced by the s corporation in the conduct of its trade or business like a partnership the income deductions and credits pass through to the shareholders individual income tax returns [Music]