S-Corp Tax Preparation
Expert tax preparation for S-Corporations. Form 1120-S, reasonable compensation analysis, shareholder basis tracking, and K-1 preparation. Federal and multi-state filing.
S-Corp Tax Filing Requirements
S-Corporations file Form 1120-S annually and issue Schedule K-1 to each shareholder. Unlike C-Corps, S-Corps do not pay corporate income tax. Instead, income passes through to shareholders who report it on their personal returns.
Key compliance requirements include reasonable compensation for shareholder-employees, accurate shareholder basis tracking, and adhering to the March 15 filing deadline. Missing these requirements can trigger IRS audits and penalties.
Related Services
Services for S-Corp owners and businesses.
S-Corp Tax FAQ
What is an S-Corporation and how is it taxed?
An S-Corporation is a corporation that has elected to pass corporate income, losses, deductions, and credits through to its shareholders for federal tax purposes. Shareholders report the flow-through income on their personal tax returns and pay tax at individual rates.
What is the deadline for S-Corp tax filing?
Form 1120-S is due by March 15 (or the 15th day of the 3rd month after the end of the tax year). An automatic 6-month extension to September 15 is available by filing Form 7004.
What is reasonable compensation for an S-Corp?
S-Corp shareholder-employees must receive reasonable compensation before taking distributions. Reasonable compensation is based on what similar businesses would pay for comparable services. The IRS scrutinizes S-Corps that pay minimal salaries to avoid payroll taxes.
Do I need a separate tax return for my S-Corp?
Yes. S-Corporations file Form 1120-S annually and issue Schedule K-1 to each shareholder. Shareholders report their share of income on their personal returns.
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