Form 1120-S
S corporation tax return preparation
An S corporation files Form 1120-S by 15 March for a calendar year, issues a K-1 to every shareholder, and often has state corporate filings on top. We prepare the return, deliver the K-1s through a controlled shareholder portal, and keep the schedule for the next year.
Who this is for
- Corporations with a valid S election, verified against the acceptance notice
- LLCs taxed as S corporations after review of the election
- Companies with several shareholders or multi-state activity
What the engagement includes
- Federal Form 1120-S preparation and reviewer pass
- K-1 preparation and controlled delivery to each shareholder
- Shareholder stock and debt basis worksheet as supporting documentation
- State corporate filings and annual reports listed in the proposal
- Reasonable compensation review flag for professional review — we do not compute a "correct" salary
- Transmission with acknowledgements and next-year deadlines
What we will ask for
- Closed trial balance, profit and loss and balance sheet
- Prior-year 1120-S and each shareholder’s basis schedule
- Payroll reports and officer compensation detail
- Shareholder changes, distributions and loan activity during the year
- State registration and franchise tax correspondence
Frequently asked questions
Do you prepare the shareholders’ personal returns?
No. We prepare the corporate return and the K-1s. A shareholder who needs a personal return is referred to a partner preparer, and the choice is theirs.
Who is responsible for basis?
Basis belongs to the shareholder. We provide a worksheet that carries figures from year to year as supporting documentation, but the shareholder and their personal preparer remain responsible for the position.
My S election was never accepted. Can you still file 1120-S?
Not until the election is resolved. We review the entity classification first, because filing the wrong return creates more work than it saves.