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1120S Tax Return

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As a business owner you have to deal with all the requirements from both the federal and state governments for legally operating a business in your state.  One of the major requirements is the filing of an S Corporation tax return.  If you are starting a business you will want to check out our information regarding choosing the correct business entity.

Every corporation that has been elected as an S Corporation (Form 2553) must file an S Corporate Tax Return called a Form 1120S, regardless of the amount of income or loss. It must file even if it stops conducting business. Filing ends when the corporation is totally dissolved.   The deadline for filing a Form 1120 is the 15th day of the 3rd month following the close of the tax year.  A Form 7004 can be filed for a tax extension with an additional 6 month extensions available after the first tax extension.

Generally, an S corporation is exempt from federal income tax other than tax on certain capital gains and passive income. On their tax returns, the S corporation's shareholders include their share of the corporation's separately stated items of income, deduction, loss, and credit, and their share of non-separately stated income or loss.

Huey & Associates, P.C. can work with you to ensure that you file an accurate and timely corporate tax return.  Some of the services we offer with filing your Form 1120 include:

  • Computer software analysis of all returns to ensure math and common mistakes are avoided.
  • We will do a tax analysis of your return and sit down with you for some tax planning for the next year.
  • Provide you with an easy to use Organizer to gather your information together at the beginning of the year.
  • Discuss the final results of the Tax Return and if needed file a Tax Extension for you.
  • Discuss the effect if any on your personal 1040 Income Tax Return.

Provide copies of your tax return for your records and electronic storage of a copy of your Tax Return for quick and easy access for future requests.