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The IRS form 1120S is specifically designed for S Corporations to report their income, deductions, and credits. This form is essential for S Corps, as it allows them to inform the IRS of their financial activities and ensures that income passes through to shareholders' tax returns. If you operate an S Corp, understanding the importance of the IRS 1120S can help you maximize your tax benefits. Resources like US Legal Forms can assist you in filing correctly.
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