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Form 1120 s
General

Guide to IRS Form 1120-S: S-Corp Income Tax Return Simplified

Introduction IRS Form 1120-S, officially called the “U.S. Income Tax Return for S-Corporation,” may sound like a mouthful, but it is an essential income tax form for many S-corporation entrepreneurs. This form is used to report annual income, losses, deductions, credits, and other transactions. S-Corps, business entities elected to be treated differently for tax purposes, are exempt from paying corporate income tax at the company level. Instead, the income flows through to individual shareholders’ tax returns. If you own a …

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