Tax
Form 1120-S (S-Corporation Return)
The IRS form filed by S-corporations to report income, deductions, and allocations to shareholders.
Like the 1065 for partnerships, Form 1120-S is an informational return. S-corp income flows through to shareholders via Schedule K-1.
Due March 15 (calendar-year S-corps). Form 7004 grants a 6-month extension to September 15.
An S-corp election (Form 2553) is required before filing 1120-S. Late or missing elections can be remedied via Rev. Proc. 2013-30 in many cases — but only if discovered.
Common pitfalls
- Filing a 1120-S without a valid S-corp election in place — the return gets rejected or treated as a C-corp
- Owner-employees not running payroll — the IRS reclassifies distributions as wages and hits the owner with back payroll tax + penalties
- Single class of stock violation — voting differences are fine, but preferred returns or differential rights kill the S-corp election
Related service
Visit relevant serviceRelated guides
Have a Form 1120-S (S-Corporation Return) situation in your business?
We'll show you how this applies to your specific facts — and scope a plan if you want us to handle it. Fixed monthly fee, tailored to your needs.
Talk to a partner