S Corporation Form Document Format
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FAQ
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.
The difference is that Form 1120 is used by C corps (which are liable for corporate federal taxes), while Form 1120-S is used exclusively by S corps. In contrast to C corps, S corps are exempt from corporate federal taxes due to income, credits, deductions, and losses being passed through to shareholders.
An S corporation is a corporation that elects to be taxed as a pass-through entity. Income, losses, deductions, and credits flow through to the shareholders, partners or members. They then report these items on their personal tax return.
IRS Form 2553 (Election by a Small Business Corporation) is the form that a corporation (or other entity eligible to be treated as a corporation) files to be treated as an S corporation for federal tax purposes. Must have no more than 100 shareholders (or LLC members).
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.