Form 1120-S is the tax return for S corporations. As such, it is used by S corporations to report their income, profits, losses, tax credits, deductions, and other information to the IRS.

Instead, an S-corp is a tax election. For a thorough analysis, you will need to consult with your business lawyer and/or accountant. But for the basics, read on: ...

Although the S corporation does not pay taxes for its operations, it is still required to file a tax return reporting its profits, losses, credits and other tax information to the IRS on Form ...

This tax can be avoided by making sure the S corporation has no earning and profits, which can be accomplished by paying the 15% tax now on any so-called trapped earnings.

Notably, an LLC can opt for S-corp classification for tax purposes. Therefore, it’s essential to compare LLC vs. S-corp options when forming your business or reaching a certain profitability level.

It’s the same reason we’re allowed to swap property for property tax-free in a like-kind exchange under Section 1031 or sell the stock or assets of a corporation in exchange for stock of the ...

Elect S corporation status: Once you’ve registered as a corporation in your state, you must elect to become an S-corp with the IRS (it’s not automatic). The next step is to file Form 2553.

To form an S corp, members must sign Form 2553, Election by a Small Business Corporation, and submit it to the IRS. Tax Treatment. An S corp designation allows for pass-through taxes, ...

The corporation files Form 1120-S, the U.S. Income Tax Return for an S Corporation, with the IRS. If you're a beneficiary of a trust or estate, use the information on Schedule K-1 (Form 1041) to ...

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 ...

Hi, I'm Jackie Jackson, and I'm gonna talk to you about how to fill out the S-corp form. Now an S-corp or an S-corporation is a corporation that has been given authority by the IRS, the Internal ...