Tag Archive for Form 1120-S

Partnership, S-Corp and Trust Extensions End September 15

If you have a calendar year 2014 partnership, S-corporation, or trust return on extension, don’t forget the extension for filing those returns ends on September 15, 2015.

Pass-through entities such as Partnerships, S-corporations, and fiduciaries (trusts, estates) pass their income, deductions, credits, etc., through to their investors, partners, or beneficiaries, who in turn report the various items on their individual tax returns. Partnerships file Form 1065, S-corps file Form 1120-S, and Fiduciaries file Form 1041, with each partner, shareholder, or beneficiary receiving a Schedule K-1 from the entity that shows their share of the reportable items.

If all of the aforementioned entities could obtain an automatic extension to file their returns Read more

What’s New In The 2013 Form 1120-S?

The Internal Revenue Service has released a final version of the 2013 Form 1120-S, U.S. Income Tax Return for an S Corporation, and final instructions reflect what is new on as described below:

Form 1125-E, Compensation of Officers. For tax years beginning after 2012, use Form 1125-E if the S corporation deducts an expense for compensation for officers and has total receipts of $500,000 or more. See the instructions for lines 7 and 8.

New Schedule B-1 (Form 1120S), Information on Certain Shareholders of an S Corporation. S Corporations that check the “Yes” box for question 3 of Form 1120S, Schedule B, will need to complete new Schedule B-1 (Form1120S). See Schedule B-1 Read more