Form 1120-S is simpler than tax forms for C corporations, too. As long as a company elects S corporation status (and the IRS has accepted that election), it must file Form 1120-S.

The S-corporation doesn’t pay federal income taxes but must file an annual form with the IRS. Corporate officers and shareholders who provide anything more than minor services must receive ...

If you have clients who revoked their S corp tax status and are now eligible to re-elect it, here's a quick reminder of some important deadlines for submitting Form 2553 in 2025: Businesses that ...

File IRS Form 2553: Filing Form 2553, Election by a Small Business Corporation, is how you inform the IRS that you wish to be considered an S corp for taxation purposes. The form and its filing ...

Once Form 3911 is submitted, the IRS will investigate and begin the refund replacement process. If the check was not cashed, the IRS will cancel the original and issue a new one.

Businesses structured as S corporations can deduct payroll tax expenses on line 12 of Form 1120S. Only the employer portion of payroll taxes, not the employee portion, are deductible for the business.

Enter here and on Form 1040 or 1040-SR, line 23, or Form 1040-NR, line 23b." If you downloaded or printed the 2024 Schedule 2 before December 31, 2024, it's important to note this correction to ...

According to the IRS, corporations electing S corporation status must complete and file Form 2553, Election by a Small Business Corporation no later than two months and 15 days after the start of ...

W ith the tax season deadline looming on April 15, it's essential to be aware of the latest updates to the IRS Form 1040 and its accompanying schedules. These changes can significantly impact how ...

The IRS only allows small businesses with 100 or fewer employees to form S corps because they're not subject to the corporate tax ... Both an LLC and an S corp are pass-through tax entities, ...

The documents also include IRS form 966 for corporate dissolution. Advertisement. Article continues below this ad. Closing a Corporation. Businesses fold for lots of reasons.