How to File IRS Form 1120-S for 2022 – Lawncare Business Example
The Form 1120-S is an S corporation tax return filed each year. This article and video tutorial covers an example filing for a lawncare business for the 2022 tax year.
How to File IRS Form 1120-S for 2022 – Restaurant Example
The Form 1120-S is an annual S corporation tax filing which reports the income, expense, credits, distributions and other transactions of an S corporation. This example looks at a restaurant business for the 2022 tax year.
S Corporation Taxes on Net Passive Investment Income – How to Report on Form 1120-S
An S corporation that was formerly a C corporation may be subject to tax on its net passive income. This article and video tutorial cover the basics and how to report the tax on Form 1120-S.
S Corporation Tax On Passive Investment Income – What Are the Rules?
An S corporation that was formerly taxable as a C corporation may be subject to direct federal income taxes on its passive investment income. This article and video tutorial discuss the basics of the passive income tax and how it's reported on Form 1120-S.
How to Deduct S Corporation Health Insurance Premiums on IRS Form 1040
An S corporation shareholder is treated as a self-employed individual with respect to health insurance premiums paid by the S corporation. The premiums must generally be included in wages and reported on Form W-2.
How to Search for an NAICS Code
A business will often have to disclose its NAICS code which most closely reflects its business activities. There are various ways to search for this business code.
Did You Terminate Your “S” Election by Accident?
An S corporation election can be terminated voluntarily or involuntary. In some cases, the company makes a decision that inadvertently terminates their S election.
Revoking the “S” Corporation Election – Is a Form 8832 Required?
An S corporation may determine at a later date that it is no longer beneficial to be taxed as an S corporation and wants to revoke the election. There are a few ways to revoke the election.
IRS Form 1120S Forgiven Debts and Cancellation of Debt Income
If an S corporation has any debts cancelled or forgiven during the tax year, it may be required to provide additional disclosures on IRS Form 1120-S.
S Corporation Restricted Stock Disclosures on Form 1120-S
An S corporation must provide additional disclosures on its annual Form 1120-S if the entity has any restricted stock issued and outstanding.