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Wisconsin generally follows the federal income tax treatment of an S corporation and its shareholders as set out in IRC Sec. 1361?IRC Sec. 1379 (see ¶10-515 Federal Conformity). Therefore, income and losses, including net business losses, of the S corporation flow to its shareholders.
How to file taxes as an S corporation Prepare your financial statements. One of the first things your tax professional will ask for are financial statements. ... Issue Forms W-2. ... Prepare information return Form 1120-S. ... Distribute Schedules K-1. ... File Form 1040.
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.
Step 1: Name Your Wisconsin LLC. ... Step 2: Choose a Registered Agent. ... Step 3: File the Wisconsin Articles of Organization. ... Step 4: Create an Operating Agreement. ... Step 5: File Form 2553 to Elect Wisconsin S Corp Tax Designation.
S Corporation Elections A small business corporation elects federal S corporation status by filing federal Form 2553 (Election By a Small Business Corporation) with the Internal Revenue Service. When a corporation elects federal S corporation status it automatically becomes an S corporation for California.