Kiritsis & Associates

 

3 Things To Know About Form 1120S. . -- Kiritsis Law Firm Group 212 922 0005

Apr 27, 2021

If you are a small business owner, you may greatly benefit, from knowing some things about Form 1120S.

1. Virtually every S Corp needs to file one. Although, S Corps are a pass-through entity for tax purposes, they still have to Form 1120S. This confusion can best be cleared up, by noticing the distinction, between taxes reporting vs tax payment requirements.

2. Probably, a bad idea to hide Form 1120S from shareholders. Generally, S Corp shareholders under federal tax laws, state/local tax laws, states laws of corporate governance, a series of other federal & state laws, as well as, case law, have the right to a business' books and records, which are often construed to mean filed Form 1120S tax returns.

3. Likely leads to K-1 reporting. S Corp shareholders receive K-1, in many respects, similar to partnerships which file Form 1065, in order to disturbed capital distributions and/or return of capital payments from the S Corp, for substantiation purposes on their individual (i.e. Form 1040) tax returns.

 

Law Offices of Kiritsis & Associates 

Phone # 212 922 0005

Manhattan Office (Main Office):

633 Third Avenue

New York, NY 10017

Suite 1306

Brooklyn Office (By Appointment Only):

1023 74th Street

Brooklyn, NY 11228

1st Floor

New Jersey Office:

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Ventnor, NJ 08406

2nd Floor

 

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