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That's why S-corps are also called ?pass-through businesses.? You, along with any other shareholders in the S-corp, will report this passed-along information on your personal tax return. But you'll also need to file a business tax return for your S-corp ? and that's Form 1120S.
Follow these five steps to start a Rhode Island LLC and elect Rhode Island S corp designation: Name Your Business. Choose a Resident Agent. File the Rhode Island Articles of Organization. Create an Operating Agreement. File Form 2553 to Elect Rhode Island S Corp Tax Designation.
Rhode Island minimum tax is $400.00. If line 22a or 22b of Federal 1120S is applicable, refer to Rhode Island Schedule S for your tax calculation.
Here is a brief overview of the tax forms a typical S corporation needs to file with the IRS. Form 2553 ? S Corporation Election. ... Form 1120S ? S Corporation Tax Return. ... Schedule B ? Other Return Information. ... Schedule K ? Summary of Shareholder Information. ... Schedule K-1 ? Individual Shareholder Information.
Use Form 1120-S to report the income, gains, losses, deductions, credits, etc., of a domestic corporation or other entity for any tax year covered by an election to be an S corporation.
A domestic corporation (including a Subchapter S corporation) must file an income tax return whether it has taxable income or not, unless it's exempt from filing under section 501.
You may find the following points helpful in preparing your Rhode Island Income Tax Return. RESIDENT INDIVIDUALS ? Every resident individual of Rhode Island who is required to file a federal income tax return must file a Rhode Island individual income tax return (RI-1040).
S Corporations: A small business corporation having an election in effect under subchapter S of the Internal Revenue Code is required to file an annual tax return using Form RI-1120S and is subject to the income tax (minimum $400.00).