Form 1120-L for Detroit Michigan 2024-2025

Form 1120-L for Detroit Michigan: What You Should Know

Please note that the shareholder's share of U.S. federal income tax reported on Form 1120-S is your own tax amount. See IRS Publication 970, The Tax Guide for S Corporations, for more information. The corporation's Schedule K is a summary, so you do not need to include additional information in the Schedule K. Please have your tax return preparer provide the correct box number for your schedule K, or contact your accountant regarding extension requests. Any correction can be made at a later date using the Corrected Form. This page provides a listing of the taxpayer's Shareholders and the share tax payment amounts. However, there is no substitute for complete, timely, and correct federal income tax instructions for the period of time that will follow each tax year beginning with the year you file this return. The instructions will explain your reporting responsibilities, tax benefits, refunds, and corrections to federal tax returns. Please remember that if the corporation has investment income or other investment expense, it will report your share of these items in this area. Please refer to the  What's new in my tax return? , for more information. Important Notice: For information on the new S corporation elections and other tax filing changes, please refer to the 2025 Instructions for Schedule K-1, Shareholders' and Partners' Tax Information for U.S. Corporations or the Publication 541-A, Taxable and Nontaxable Income and Expenses for U.S. Corporations The 2025 rules for determining distributions to shareholders and partners will apply for the taxable year beginning January 2018. The amount of distributions of net earnings of an S corporation for the taxable year ending December 31, 2017, will be reduced to a flat dollar amount of 2% of net earnings. The corporation's earnings will not count toward the 2% limit. The corporation's net earnings will be subject to the U.S. corporate income tax, along with the earnings of any affiliates, if any, or of the corporation itself. There is no limit on the distributions that may be made by a small percentage of shareholders. The net earnings of a trust (described hereafter) included in the gross income of an S corporation will be subject to the U.S. corporate income tax if no other trust does. However, the trust's earnings will not count toward the 2% limit. A portion of distributions or net earnings, depending on the circumstances and the percentage of shareholders or partnerships participating, may be reported as a rental.

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