S Corporation Form File Format
Description
How to fill out Small Business Startup Package For S-Corporation?
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FAQ
In general, the partnership or S corporation must complete the Schedules K-2 and K-3, Parts II and III because the source of certain gross income is determined by the partner or shareholder. In addition, some expenses of the partnership or S corporation are allocated and apportioned by the partner or shareholder.
??Schedules K-2 and K-3 were introduced by the IRS to enable owners of pass-through entities (either partners or S corporation shareholders) to report foreign financial activities on their personal tax returns.
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.
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.