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Form 1120-S U.S. Income Tax Return for an S Corporation
Annual income tax return filed by S corporations, which pass income through to shareholders rather than paying corporate tax.
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Instructions
Report the corporation's income, deductions, and credits. Issue Schedule K-1 to each shareholder showing their pro rata share. Due March 15 (extension available). S corps must have no more than 100 shareholders, only one class of stock, and shareholders must be U.S. individuals, certain trusts, or estates. Reasonable compensation must be paid to shareholder-employees before distributions. Watch the shareholder's stock and debt basis to determine deductibility of losses.