Waterford Business Solutions

Tax Form 1120-S


Tax Form 1120-S

About Tax Form 1120-S

What is the 1120-S Tax Form for and how do I file it?

S Corporations are pass-through entities allowing them to effectively avoid the double taxation involved with C Corporations by passing profits to shareholders. This removes the corporate tax rate and allows the business’s income to be taxed at the shareholders’ corporate tax rate.

The U.S. S Corporation Income Tax Return Form reports the income, gains, losses, deductions, credits, and figures the income tax liability of your corporation.

Even though the S corporation does not pay income tax, it is responsible for filing Form 1120-S. Filing this tax form is provides the IRS with an aggregate view of the business earnings and expenses.

2023 Tax Form 1120-S

You can fill out the below form, use software like turbo tax or H&R block, use a national chain or speak with a CPA or EA that you know. We love talking with clients about taxes!


Who files an 1120-S tax return?

All U.S. corporations who elected to be an S-Corp status must file tax form 1120s.


Who can elect to be taxed as an S-Corp?

Corporations, LLCs, and partnerships.


Do I have to file an 1120-S?

Yes, you must file the 1120s even if the business did not have any income or expenses this year. Every S-Corp that is in business must file the 1120s regardless of profit or loss this year.


How do I file an 1120-S Tax Form?

You can prepare an 1120-S yourself or work with a tax professional to help you file or file for you. The major tax software programs like Turbo Tax and H&R block include the ability to file an 1120-S. However, due to complexity, it is highly recommended to have a professional at least review your return if not help you file your return.

We have provided a link with detailed instructions from the IRS to walk you through the proper way to fill out and file the 1120s Tax Form.


Can I file an 1120sForm online?

Yes! In fact, some corporations are required to e-file their return if they file more the 250 tax forms, including W-2s, 1099s, employment taxes, or information returns, or have more than $10 million in assets. We have provided an easily downloadable link to the 1120-S Tax Form from the IRS.


Can I Mail in my 1120-S Tax Form?

As long as you are not required to E-File, you are welcome to mail in your return. Where you mail your return depends on your primary business location, the value of your assets, and what schedule you file.


What are the requirements to file my 1120-S Tax Form?

You must file your 1120-S by the 15th day of the 3rd month after the end of your corporate tax year. S-Corporations are required to follow a calendar year, meaning that without extension, you must file by March 15th every year.


Are there tax penalties for not filing on time?

S-Corporations can be penalized at $205 per month per shareholder for any unpaid taxes.


What if I still have questions about the 1120s form?

Reach out! That’s why we are here. To help guide you and teach you the proper accounting methods to apply to your business. 

How To Fill Out Tax Form 1120-S Instructions Download Tax Form 1120-S

Waterford Business Solutions > Tax Form Resources

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