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.

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 ...

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 ...

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.

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 ...