Form 1120-S U.S. Income Tax Return for an S Corporation
Annual income tax return filed by S corporations, which pass income through to shareholders rather than paying corporate tax.
Instructions
Report the corporation's income, deductions, and credits. Issue Schedule K-1 to each shareholder showing their pro rata share. Due March 15 (extension available). S corps must have no more than 100 shareholders, only one class of stock, and shareholders must be U.S. individuals, certain trusts, or estates. Reasonable compensation must be paid to shareholder-employees before distributions. Watch the shareholder's stock and debt basis to determine deductibility of losses.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.