Form 1120-L and Form 1120: Basics
Form 1120-S: U.S. Income Tax Return for an S Corporation Definition
Form 1120-S is an American income tax return, which is used by shareholders of S corporations to report their personal income, expenses, and other taxable items. The U.S. Income Tax Act (U.S. Internal Revenue Code) requires S corporations to file a U.S. income tax return in order to qualify for the dividends of their shareholders. Form 1120-S is filed by the individual shareholder as part of the Form 1040 tax return (for individuals or joint return filers). The form may also be filed jointly with a partner or a trust that has been designated as the owner of each share of stock. Form 1120-S is not a tax return for shareholders, but Form 1040EZ and 1040A are. If a shareholder is required to file a Form 1120-S or 1040 tax return on his or her behalf, you must complete the 1040EZ / 1040A information in the form. The Form 1040EZ is mailed directly to you by the IRS. You do not need to send Form 1040 to the IRS. Form 1040 is required to file with Form 1120-S. See instructions for Forms 1040 and 1040EZ or send the Form 1120-S to this address (see instructions for Forms 1120-K and 1040-K for instructions on submitting the Form 1120-U and Form 1040-U): Internal Revenue Service. Payment of Fictitious Payments Form 1120-U Information Return for an Employee or Partner An employee or partner of an S corporation who receives a fictitious payment from the S corporation must file a Form 1120-U with a Form 1040B and a Form 8938 with the IRS to make the payment. An employee or partner who receives an amount under the employer's plan or arrangement and also receives wages or other amounts from the S corporation, such as from an insurance settlement plan, is subject to the tax imposed by section 6621 on the employee's or partner's fictitious
Form 1120-S: U.S. Income Tax Return for an S Corporation Definition
This form is sent to the Internal Revenue Service (IRS). These schedules can be used to: determine whether there is an election to include S corporation share of income by shareholders of the corporation, and Determine how dividends of the corporation and its shareholders are treated. If an S corporation is treated as a partnership for federal income tax purposes, Form 1120-S also requires information about the partnership's income, deductions, and credits. This information should be listed on Part III. If an S corporation is a personal service corporation (PSC) for federal income tax purposes, Form 1120-S also requires information about the corporation's income, deductions, and credits. This information should be listed on Part III. What if the information on the Schedule A is incorrect? If your Schedule A doesn't give the correct information, we will apply the following adjustments and provide notice of your corrections. If the corrected information doesn't affect the corporation's income tax, we'll include it in the return. If the amended information affects the corporation's federal tax liability, we'll apply either of the following: a) the modified adjusted gross income of the corporation, or b) the corporation's income amount on the Form 1120. If either of the adjustments above applies, no notice should be sent. Corrected return with income amount in effect Before we send a corrected return you must receive the following information. The following information must be found on the corrected return: Your corrected income tax return. Your corrected Form 1120-S. This item lists any adjustments that affect your income tax. You must have your corrected Form 1120-S if you haven't received it yet. The date the schedule is due. Any return received after that date but before the due date of the amended return may not be accepted. Corrected schedule Schedule A Corrected return without income amount on Form 1120-S Form 1120-S may be filed by completing the Form 1120. If a return is missing some or all of the information required on the form, or it's incorrect because of a typographical error, we may not fill the entire form. Therefore, our procedures for completing Schedule A depend on the return missing some or all of the required information. If we find that the return is missing any of the information on Schedule A, we won't make any of the adjustments listed on this form, even if the additional information required is on the
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