1120-S
Business & Finance abbreviation · Tax
| Stands for | U.S. Income Tax Return for an S Corporation (IRS Form 1120-S) |
|---|---|
| Categories | Business & Finance |
1120-S stands for U.S. Income Tax Return for an S Corporation (IRS Form 1120-S), a tax abbreviation.
Annual return for corporations that have elected S status, reporting income that passes through to shareholders on Schedule K-1 instead of being taxed at the corporate level. It is due March 15 for calendar-year companies.
Example: Because the business is an S corp, the 1120-S shows a profit but no corporate tax due.
Usage notes
S status, elected on Form 2553, is limited to 100 shareholders and one class of stock, and shareholders generally must be US citizens or residents. Owner-employees must pay themselves "reasonable compensation" through payroll, a frequent audit issue. The name comes from Subchapter S of the Internal Revenue Code.
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