Form 1120-S
Filing
File your Form 1120-S starting at just ₹ 69999/-
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Form 1120-S for S Corp Federal Tax Filing
About Our Service
What Is Form 1120-S?
Form 1120-S is the annual U.S. Income Tax Return filed by an S Corporation to report business income, deductions, losses, and credits. Unlike a C Corporation, an S Corporation does not pay federal corporate income tax at the entity level.
Instead, it follows pass-through taxation. Profits or losses are passed to shareholders through Schedule K-1, and each shareholder reports their share on their personal tax return.
For calendar-year filers, Form 1120-S is generally due on March 15. If the date falls on a weekend or federal holiday, the deadline shifts to the next business day.
You can download the official IRS Form 1120-S here:
https://www.irs.gov/pub/irs-pdf/f1120s.pdf
Schedule K-1 (Form 1120-S) is available here:
https://www.irs.gov/pub/irs-pdf/f1120ssk.pdf
Who Should File Form 1120-S?
- Registered S Corporations: All entities that have elected S Corporation status with the IRS.
- Pass-Through Entities: Businesses structured to pass income and losses directly to shareholders.
- Multi-Shareholder Companies: Corporations with one or more shareholders requiring Schedule K-1 reporting.
- International Activity Corporations: S Corporations with foreign income or shareholders requiring Schedule K-2 or K-3.
Why Choose Ebizfiling for Form 1120-S Filing?
At Ebizfiling, we review your S Corporation financial records and prepare Form 1120-S with accurate income and deduction reporting. We ensure Schedule K-1 is correctly prepared for each shareholder.
We also guide you on Schedule K-2 and K-3 reporting for international tax items and assist with extension filing when required.
Call: 09643203209, Email: info@ebizfiling.com
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Key Aspects of Form 1120-S Filing
|
Aspect |
Details |
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Purpose |
Report income, losses, deductions, credits |
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Tax Structure |
Pass-through taxation |
|
Due Date |
March 15 (calendar-year filers) |
|
Shareholder Reporting |
Mandatory Schedule K-1 issuance |
|
E-Filing Rule |
Mandatory if filing 10 or more returns |
Form 1120s for S corp federal tax filing Fees
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Advantages of Filing Form 1120-S
Pass Through
Ensures S Corporation profits and losses pass directly to shareholders, avoiding double taxation at the corporate level.
K-1 Reporting
Provides accurate Schedule K-1 to each shareholder so income, deductions, and credits are properly reported personally.
IRS Compliance
Meets federal tax filing requirements and helps prevent late filing penalties or shareholder-based monthly fines.
Gain Tracking
Reports capital gains and losses correctly through Schedule D to maintain proper shareholder tax allocation.
Foreign Reporting
Handles Schedule K-2 and K-3 for international transactions and foreign-related tax disclosures when required.
Extension Filing
Supports six-month filing extension through Form 7004 while ensuring estimated tax compliance and accuracy.
Documents Required for S Corporation Federal Tax Filing
The following documents are required to prepare Form 1120-S:
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Corporate EIN
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Financial statements
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Profit and loss statement
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Balance sheet
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Shareholder ownership details
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Prior year tax return
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Capital gains statements
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International income details if applicable
Form 1120-S Filing Process
1
Eligibility Review
2
Financial Data Collection
3
Form Preparation
4
Schedule K-1 Issuance
5
IRS E-Filing
How Ebizfiling Works for You?
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We verify your S Corporation election status and filing obligation.
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We review financial statements and shareholder ownership details.
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We prepare Form 1120-S with all required schedules.
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We generate and distribute Schedule K-1 to each shareholder.
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We e-file your federal tax return and confirm submission status.
Frequently Asked Questions on Form 1120-S
Get answers to all your Queries
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What is Form 1120-S used for?
Form 1120-S is used by an S Corporation to report annual income, deductions, and credits to the IRS.
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Does an S Corporation pay federal income tax?
No. An S Corporation is a pass-through entity, meaning profits and losses pass to shareholders.
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What is the due date for filing Form 1120-S?
For calendar-year corporations, the due date is March 15.
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What is Schedule K-1?
Schedule K-1 reports each shareholder’s share of income, deductions, and credits.
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Is e-filing mandatory?
Corporations filing 10 or more returns annually must e-file.
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Can I file an extension?
Yes. Form 7004 provides an automatic six-month extension.
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What happens if I file late?
Late filing may result in penalties per shareholder, per month.
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What are Schedule K-2 and K-3?
They report international and foreign-related tax information.
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Do single-shareholder S Corporations file 1120-S?
Yes. Even single-owner S Corporations must file annually.
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Can Ebizfiling prepare Schedule K-1?
Yes. Ebizfiling prepares and reviews Schedule K-1 for each shareholder.
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What documents are required?
Financial statements, shareholder details, and prior returns are typically required.
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Can S Corporation status change tax treatment?
Yes. It changes taxation from corporate-level to pass-through taxation.
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Are shareholder wages reported here?
Yes. Wages paid to shareholder-employees must be properly reported.
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Does foreign income require additional forms?
Yes. Schedules K-2 and K-3 may apply depending on international activity.
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How does Ebizfiling ensure compliance?
Ebizfiling reviews financial accuracy, prepares required schedules, and ensures timely IRS submission.
