WebSCorp/1120 Filing Question. Hello! So this is a long story so I’ll try and stick to the general details. I setup a corporation back in 2024, and submitted the form to be classified as an S Corp. Then I filed 1120-S in the Spring of 2024. The return was electronically accepted by the IRS, so I assumed our S Corp status was granted. WebApr 8, 2024 · Hi Barbara, I am filling in form 1120 for my LLC. I noticed that the accountant who prepared tax return last year did not put anything on section D (total assets) - even though I do have inventory in the US. This inventory was not paid by my American company, but still - it's located in the US and I own it. Do I need to reports it's value?
How To Complete Form 1120s - S Corporation Tax …
WebDec 14, 2024 · Form 1120S is the tax form S corporations use to file their federal income tax return (not to be confused with Form 1120 for C corporations). Every S corp needs to file one, including LLCs that are … WebUse Form 1120-S (Schedule B-1), Information on Certain Shareholders of an S Corporation, to provide the information applicable to any shareholder in the S … pooh\u0027s heffalump movie wco
Filing Taxes for Small Business With No Income Requirements
WebGenerally, an S Corporation must file Form 1120-S U.S. Income Tax Return for an S Corporation by the 15th day of the third month after the end of its tax year. For calendar year corporations, the due date is March 15. A corporation that has dissolved must generally file by the 15th day of the third month after the date it dissolved. WebFeb 23, 2024 · No, you should not reduce wages, as the Employee Retention Tax Credit (ERTC) reduces payroll tax payments (not wages). The wages you report on Form 1120S Lines 7 & 8 should match your W-3. Further, the ERTC was actually claimed on the company's Form 941 quarterly payroll tax reports as a credit for employer taxes. WebMar 28, 2024 · A 1120 tax form is an Internal Revenue Service (IRS) form that corporations use to find out their tax liability, or how much business tax they owe. It is also called the U.S. Corporation Income Tax Return. American corporations use this form to report to the IRS their income, gains, losses deductions and credits. shaq and girlfriend