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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 (Form1120S) for details.

Schedule K-1 (Form 1120S). New code U has been added to box 17 of Schedule K-1. Code U is used to report information related to the net investment income tax. Former code U (Other information) is now code V.

Regulations section 1.1411-10(g) election. The corporation can elect to include section 951 inclusions and section 1293 inclusions in net investment income for purposes of section 1411 in the same tax year as the amounts are included in income for chapter 1 purposes. See Regulations section 1.1411-10(g) (section 1411election with respect to CFCs and QEFs) under Other Forms and Statements That May Be Required for more information.

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Tony Beecher

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