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FAQ

How do you file a tax return for an S corporation?
What tax forms need to be filed for an S Corp?Start with these:1120S (PDF) 1120S Sch. K-1 (PDF)Instructions for Form 1120S (PDF) Instructions for Form 1120S Sch. K-1 (PDF)1120-W (PDF) (corporation only) and 8109https://www.irs.gov/pub/irs-pdf/...Instructions for Form 1120-W (PDF)https://www.irs.gov/pub/irs-pdf/...SOURCE: GOOGLE and IRSS Corporations | Internal Revenue Service - IRS.govSearch for: What tax forms need to be filed for an S Corp?Read the pdf provided by IRS to see which applies to you, any schedules that may need attached if paper filing, and also consider hiring an accountant to help you out as it gets confusing for most folks from here.Don’t forget you still need to do the 1040 for your personal taxes as well.https://www.irs.gov/pub/irs-pdf/...If you want to e-file:e-File Options | Internal Revenue ServiceIf your adjusted gross income is $66,000 or less IRS does not charge you a fee to e-file your own returns, but a tax professional or software will have a fee associated with this activity.
How do S corps work regarding taxation?
A2A.First of all, you do not “incorporate an LLC into a S-corporation”. If you own an LLC, and you elect to be treated as an S-corporation for tax purposes, you file IRS Form 2553, Election by a Small Business Corporation. If you file by the 15th day of the third month of your tax year (March 15 for an LLC operating on a calendar year basis), the election becomes effective in that year, otherwise the election becomes effective during the next year. Note that an LLC cannot elect S-corporation treatment unless all owners are US citizens.Once the election to be treated as an S-corporation becomes effective, the company files a corporate tax return, IRS Form 1120S, U.S. Income Tax Return for an S Corporation. This return is filed using the corporate name and EIN. As part of the filing of Form 1120S, the company will create a Schedule K-1 for each owner that shows that owner’s share of the corporation's income and expenses. The K-1 will contain the Social Security number of each owner, and a copy of each K-1 is included in the 1120S. The LLC doesn't pay any taxes itself; Form 1120S is an information return only.Each owner reports the information from Schedule K-1 on his or her individual tax return, according to the Shareholder Instructions that are provided with Schedule K-1, The owners are responsible for the taxes on their distributive share of the LLC’s income, regardless of whether they receive a cash distribution or leave it in the company as retained earnings. The owners can deduct losses only to the extent that the loss doesn't exceed their basis in the company (where the basis is generally the amount of capital invested, adjusted for retained earnings and prior losses).Any owner that performs services for a company that elects S-corporation treatment must be paid a salary (with payroll taxes deducted and paid to the IRS during the year) that is reasonable for the services provided -usually this should be what you would have to pay an outsider to do the same thing, although there is some flexibility. The intent is to ensure that income intended as compensation for services is taxed appropriately as compensation rather than being shielded in the form of a (usually) non-taxable distribution.As Andrew Weill notes, this isn't a decision that you should be making without a thorough understanding of the implications, and I strongly suggest that you engage a qualified professional who can advise you how to proceed.
Where can I e-file Form 1065 and Schedules K-1 for free?
I used taxsoftware.com for several years in a row to do my 1065 and K-1s. Although the interface was kind of “rinky-dink” (as another answerer put it), I was able to make it work. They were always quick to answer and resolve my questions. It got the job done and it was much cheaper than the alternatives.This year I went to do my 1065 ‡ and got“DNS address could not be found.” A little annoyed, I sent an e-mail to their old help address. It bounced, of course. Then I did some searching just to see if anything else turned up.This is what I found: On February 27, 2021. the people who made taxsoftware, Alessandra and Mickey Buarque de Macedo, died in a car crash along with their son.He was going 115 mph. They were driving to a school play. Then, a deadly crash.Driver Sentenced to 12 Years in Crash That Killed 3 Members of Bethesda FamilySite of River Road Crash That Killed Family Undergoing ChangesAside from using their software ‡ on the last occasion, just a week or so before their deaths ‡ I didn’t know the Macedos. I didn’t even know their names. But I appreciate that they made my life a little better, and I thank them for that. It’s making me think about how to be sure that I make other people’s lives better too. It could happen to any of us, any time.
Obamacare (Patient Protection and Affordable Care Act): Will S-Corps and other pass through tax entities be able to take advantage of the small business tax credit that is part of the law?
Yes, if you qualify, you can take it. It's included in the business credits reported on line 13 of Schedule K on the 1120S and line 15 of Schedule K on the 1065 and is reported in the corresponding box on the Schedule K-1 with Code P. There should be a statement attached to the Schedule K-1 that shows the types of credits included under code P, and the instructions for Schedule K-1 will tell you how to treat them on your personal return. The Small Business Tax Credit is reported on Form 8941 and carries to line 53 of your personal return.
How can we calculate stock basis for a small S corporation?
It's your job as officers to establish stock basis, not the accountant's.Set up an arbitrary number of shares (say 100) and allocate the according to how you three think they should be allocated. Print three stock certificates for the correct amount. Give one to each partner. You can value it any way you like. I think we valued my first stock venture at $1000 a share.
What is the best way to legally structure a Dynamic Equity Partnership (aka Grunt Fund)?
Hi Adam, What you are talking about is what I call a "Cofounder's Fund". Which allows people to help a portfolio of start-up companies, but earn equity in a shared fund. I've had quite a bit of interest in this topic and I'm going to write a more detailed guide for implementation. Here is a high-level overview:There are two kinds of Grunts. A dedicated Grunt and a Shared Grunt. A shared Grunt is someone who can add value to a company, but wouldn't work full time. A dedicated Grunt would be a founder or full time employee.Dedicated Grunts would earn equity directly in the company's Grunt Fund. The shared Grunts, on the other hand, would work for the company, but allocate their hours to the Cofounder's Fund. The Cofounder's Fund, in turn, would "own" the shares in the Grunt Fund. They could do this for a number of start-up companies. But shared Grunts would own shares in the Cofounder's Fund. When a portfolio company has a liquidation event the money would be distributed to participants, including the Cofounder Fund. The Cofounder Fund would distribute the cash according to ownership in the CoFounder Fund. There are a couple of caveats that I'm working on:1.Where a shared Grunt spends his or her time doesn't matter. A shared Grunt that worked mostly for portfolio company A would still benefit if company B had an exit2. Shared Grunts could earn equity in the Cofounder's Fund for hours not spent on portfolio companies. This could include time spent searching for portfolio companies, administrative tasks, etc.Like I said, I'm working on a more comprehensive guide, if you send me an email to mike@slicingpie.com, i'll give you a beta draft to read.From a legal standpoint, LLC's are easier because you can distribute profits however you want. C-corps are more complicated. Clint, who also posted an answer, can help you with the legal stuff,I hope that helps a little!
Do I need to fill out the IRS 1120 form?
I am not sure. Are you filing in the USA or India? Domestic corporations use this form to:Report their income, gains, losses, deductions, credits.Figure their income tax liability.Here is a website that may help you determine if you must file a Form 1120 and the appropriate schedule. The Website is: https://www.irs.gov/pub/irs-pdf/...If you have an S corporation, you may be interested in the following information: In most cases, an S corporation doesn’t pay tax on its income. Instead, the income, losses, deductions, and credits of the corporation are passed through to the shareholders based on each shareholder's pro-rata share. Schedule K-1 (Form 1120S). An S corporation must file a return on Form 1120S, U.S. Income Tax Return for an S Corporation, and send Schedule K-1 (Form 1120S) to each shareholder. In addition, the S corporation will send each shareholder a copy of the Shareholder's Instructions for Schedule K-1 (Form 1120S) to help each shareholder report his or her share of the S corporation's income, losses, credits, and deductions. Keep Schedule K-1 (Form 1120S) for your records. Don’t attach it to your Form 1040, unless you’re specifically required to do so. For more information on S corporations and their shareholders, see the Instructions for Form 1120S.If you do NOT have an S corporation you may find additional information at this website: https://www.irs.gov/forms-pubs/a....I hope you find this information helpful.
How can I file tax returns for a 'S corporation' in the US? What is the exact process?
Read About Form 1120S | Internal Revenue Service for federal income tax reporting. I will caution that there is a lot more to it than just completing the federal return as there are state level income and franchise taxes to consider as well as state and federal payroll taxes. Since I am not your CPA and don’t know all your specifics I don’t think Quora is a place I could cover the exact process beyond follow the instructions at the link above.Hopefully you have a CPA that you work with, because I can tell you that I have seen so many disasters from business owners who tried to DIY S Corp reporting, you really should seek professional help. From the financial consultant who didn’t think a small tax applied to her so what should have been $50 ended up costing her $650, the attorney who asked me to review his S Corp return for 3 years in a row and he never did get it correct and the guy who almost ended up in jail because he screwed up his corporate returns so badly the IRS basically told him if he wanted to avoid prison, to never open another corporation and never report anything other than Schedule C self employment income for the remainder of his life.
What return does an LLC has that is 100% owned by a S-corp file?
A sole-member LLC shareholder of an S-Corp is considered a disregarded entity. The S-Corp files the return with the activity of the LLC. The individual sole-member of the LLC is listed on the K1.If a single member limited liability company (LLC) owns stock in the corporation, and the LLC is treated as a disregarded entity for federal income tax purposes, enter the owner's name and address. The owner must be eligible to be an S corporation shareholder.Instructions for Form 2553 (12/2017)A multi-member LLC cannot be the shareholder or one of the shareholders of an S-Corp. Such an entity is ineligible to make the S-election. If such a situation arises after-the-fact, the S-Corp status is automatically revoked.To qualify for S corporation status, the corporation must meet the following requirements:Be a domestic corporationHave only allowable shareholders May be individuals, certain trusts, and estates and May not be partnerships, corporations or non-resident alien shareholdersHave no more than 100 shareholdersHave only one class of stockNot be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations).S Corporations | Internal Revenue ServiceHowever, a multi-member LLC itself can elect to be treated as an S-Corp assuming it meets the other requirements using a form 2553. The LLC would not own the S-Corp; it would be the S-Corp. It would file an 1120S like any other S-Corp, and it would not be treated as partnership for tax purposes.Some states, such as New Jersey, require a separate state election in addition to the federal election to be treated as an S-Corp at the state level.
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