What is this form?
Form 1120-S (U.S. Income Tax Return for an S Corporation) is the federal return of a corporation that elected to be an S corporation. It reports the year's income, deductions, gains, losses, and credits.
Generally, an S corporation does not pay income tax itself: those results pass to the shareholders, who include them on their own returns through Schedule K‑1.
For a calendar-year corporation, the general due date is March 15; if it falls on a weekend or legal holiday, it moves to the next business day.
Which businesses generally must file it?
- Corporations that elected to be an S corporation with Form 2553, when the IRS accepted the election and it remains in effect.
- LLCs that qualify and elected S corporation status.
It is not filed for years before the S election took effect. If your company does not have an S election in effect, Form 1120 or Form 1065 may apply instead. We confirm which one applies.
What is a Schedule K‑1?
It is the Form 1120-S schedule that shows each shareholder's share of the corporation's income, deductions, and credits. The corporation prepares a K‑1 for each shareholder, and each shareholder uses that information for their own return.
What information and documents do we need?
- Corporation details: legal name, EIN, address, and S election date.
- IRS letter accepting the S election (Form 2553), if any.
- Each shareholder's details and ownership percentage.
- Income for the year: bank statements and 1099 forms received.
- Business expenses with receipts.
- Payroll paid (W‑2, 941, and 940), including wages of shareholders who work in the company.
- Purchases or sales of equipment, vehicles, or other assets.
- Distributions paid to shareholders.
- Last year's return and prior K‑1s, if any.
Please do not send Social Security numbers, full EINs, or documents through the form on this page. After you request the service, we will email you the questionnaire and the list of documents.
How does our service work?
- Request the service.Fill out the form on this page.
- Receive the questionnaire.We email you a questionnaire in Spanish and the list of documents for your company.
- Send your information.Send back the questionnaire with copies of the year's documents.
- We prepare the corporation's return and the K‑1s.We review the information and let you know if anything is missing.
- Review and approval.You review and approve the return before it is filed.
We prepare the return with the information and documents the company gives us. We confirm which form applies before we begin.
Costs
Our fees
Payments to the IRS
The IRS does not charge to file the form. Any payment to the IRS is made directly and is not part of our fees.
Frequently asked questions
How do I know if my company is an S corporation?
A company is an S corporation when it filed Form 2553, the IRS accepted the election, and it remains in effect. If you are not sure, we review the IRS documents you have.
Does an S corporation pay tax?
Generally, it does not pay income tax: the results pass to the shareholders through the K‑1. There are exceptions for certain taxes that are reviewed case by case.
When is it due?
For a calendar year, March 15 (or the next business day). An automatic extension can be requested with Form 7004, filed by the due date.
What do I need to get started?
Request the service on this page. We email you a questionnaire in Spanish with the list of documents for the corporation and the shareholders.
Official sources
Ge Chanfon Services LLC provides document preparation and administrative assistance services. We are not a law firm and do not provide legal advice. Approval of any application is decided by the appropriate government agency.