IRS Form 1120S "U.S. Income Tax Return for an S Corporation"

What Is IRS Form 1120S?

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Download IRS Form 1120S "U.S. Income Tax Return for an S Corporation"

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1120S
U.S. Income Tax Return for an S Corporation
OMB No. 1545-0123
Form
2018
Do not file this form unless the corporation has filed or is
attaching Form 2553 to elect to be an S corporation.
Department of the Treasury
Go to www.irs.gov/Form1120S for instructions and the latest information.
Internal Revenue Service
For calendar year 2018 or tax year beginning
, 2018, ending
, 20
A S election effective date
Name
D Employer identification number
TYPE
B Business activity code
E Date incorporated
Number, street, and room or suite no. If a P.O. box, see instructions.
OR
number (see instructions)
PRINT
F Total assets (see instructions)
City or town, state or province, country, and ZIP or foreign postal code
C Check if Sch. M-3 attached
$
G Is the corporation electing to be an S corporation beginning with this tax year?
Yes
No
If “Yes,” attach Form 2553 if not already filed
H Check if: (1)
Final return (2)
(3)
Address change (4)
Amended return (5)
Name change
S election termination or revocation
I
Enter the number of shareholders who were shareholders during any part of the tax year
.
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.
Caution: Include only trade or business income and expenses on lines 1a through 21. See the instructions for more information.
1
1a
a
Gross receipts or sales .
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Returns and allowances
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1b
b
c
Balance. Subtract line 1b from line 1a .
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1c
2
2
Cost of goods sold (attach Form 1125-A) .
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Gross profit. Subtract line 2 from line 1c
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3
4
Net gain (loss) from Form 4797, line 17 (attach Form 4797)
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4
5
5
Other income (loss) (see instructions—attach statement) .
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6
Total income (loss). Add lines 3 through 5
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6
7
Compensation of officers (see instructions—attach Form 1125-E)
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7
8
Salaries and wages (less employment credits)
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8
9
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Repairs and maintenance .
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Bad debts
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Rents .
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12
Taxes and licenses .
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Interest (see instructions) .
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13
14
Depreciation not claimed on Form 1125-A or elsewhere on return (attach Form 4562) .
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Depletion (Do not deduct oil and gas depletion.) .
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Advertising
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Pension, profit-sharing, etc., plans .
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Employee benefit programs .
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19
19
Other deductions (attach statement)
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20
Total deductions. Add lines 7 through 19
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20
21
Ordinary business income (loss). Subtract line 20 from line 6 .
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21
22 a
22a
Excess net passive income or LIFO recapture tax (see instructions) .
b
Tax from Schedule D (Form 1120S) .
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22b
c
Add lines 22a and 22b (see instructions for additional taxes) .
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22c
23a
23a
2018 estimated tax payments and 2017 overpayment credited to 2018
b
Tax deposited with Form 7004
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23b
c
Credit for federal tax paid on fuels (attach Form 4136) .
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23c
d
23d
Refundable credit from Form 8827, line 8c
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e
23e
Add lines 23a through 23d
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Estimated tax penalty (see instructions). Check if Form 2220 is attached .
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24
25
Amount owed. If line 23e is smaller than the total of lines 22c and 24, enter amount owed
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25
26
Overpayment. If line 23e is larger than the total of lines 22c and 24, enter amount overpaid .
26
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27
Enter amount from line 26: Credited to 2019 estimated tax
Refunded
27
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true,
correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Sign
May the IRS discuss this return
Here
with the preparer shown below
Yes
No
(see instructions)?
Signature of officer
Date
Title
Print/Type preparer’s name
Preparer’s signature
Date
PTIN
Check
if
Paid
self-employed
Preparer
Firm’s name
Firm’s EIN
Use Only
Firm’s address
Phone no.
1120S
For Paperwork Reduction Act Notice, see separate instructions.
Form
(2018)
Cat. No. 11510H
1120S
U.S. Income Tax Return for an S Corporation
OMB No. 1545-0123
Form
2018
Do not file this form unless the corporation has filed or is
attaching Form 2553 to elect to be an S corporation.
Department of the Treasury
Go to www.irs.gov/Form1120S for instructions and the latest information.
Internal Revenue Service
For calendar year 2018 or tax year beginning
, 2018, ending
, 20
A S election effective date
Name
D Employer identification number
TYPE
B Business activity code
E Date incorporated
Number, street, and room or suite no. If a P.O. box, see instructions.
OR
number (see instructions)
PRINT
F Total assets (see instructions)
City or town, state or province, country, and ZIP or foreign postal code
C Check if Sch. M-3 attached
$
G Is the corporation electing to be an S corporation beginning with this tax year?
Yes
No
If “Yes,” attach Form 2553 if not already filed
H Check if: (1)
Final return (2)
(3)
Address change (4)
Amended return (5)
Name change
S election termination or revocation
I
Enter the number of shareholders who were shareholders during any part of the tax year
.
.
.
.
.
.
.
.
.
Caution: Include only trade or business income and expenses on lines 1a through 21. See the instructions for more information.
1
1a
a
Gross receipts or sales .
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Returns and allowances
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1b
b
c
Balance. Subtract line 1b from line 1a .
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1c
2
2
Cost of goods sold (attach Form 1125-A) .
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3
Gross profit. Subtract line 2 from line 1c
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3
4
Net gain (loss) from Form 4797, line 17 (attach Form 4797)
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4
5
5
Other income (loss) (see instructions—attach statement) .
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6
Total income (loss). Add lines 3 through 5
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6
7
Compensation of officers (see instructions—attach Form 1125-E)
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7
8
Salaries and wages (less employment credits)
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8
9
9
Repairs and maintenance .
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Bad debts
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Rents .
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12
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Taxes and licenses .
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13
Interest (see instructions) .
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13
14
Depreciation not claimed on Form 1125-A or elsewhere on return (attach Form 4562) .
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14
15
Depletion (Do not deduct oil and gas depletion.) .
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16
Advertising
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16
17
Pension, profit-sharing, etc., plans .
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Employee benefit programs .
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19
19
Other deductions (attach statement)
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20
Total deductions. Add lines 7 through 19
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20
21
Ordinary business income (loss). Subtract line 20 from line 6 .
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21
22 a
22a
Excess net passive income or LIFO recapture tax (see instructions) .
b
Tax from Schedule D (Form 1120S) .
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22b
c
Add lines 22a and 22b (see instructions for additional taxes) .
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22c
23a
23a
2018 estimated tax payments and 2017 overpayment credited to 2018
b
Tax deposited with Form 7004
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23b
c
Credit for federal tax paid on fuels (attach Form 4136) .
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23c
d
23d
Refundable credit from Form 8827, line 8c
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e
23e
Add lines 23a through 23d
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24
Estimated tax penalty (see instructions). Check if Form 2220 is attached .
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24
25
Amount owed. If line 23e is smaller than the total of lines 22c and 24, enter amount owed
.
.
25
26
Overpayment. If line 23e is larger than the total of lines 22c and 24, enter amount overpaid .
26
.
27
Enter amount from line 26: Credited to 2019 estimated tax
Refunded
27
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true,
correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
Sign
May the IRS discuss this return
Here
with the preparer shown below
Yes
No
(see instructions)?
Signature of officer
Date
Title
Print/Type preparer’s name
Preparer’s signature
Date
PTIN
Check
if
Paid
self-employed
Preparer
Firm’s name
Firm’s EIN
Use Only
Firm’s address
Phone no.
1120S
For Paperwork Reduction Act Notice, see separate instructions.
Form
(2018)
Cat. No. 11510H
2
Form 1120S (2018)
Page
Schedule B
Other Information (see instructions)
1
a
b
Yes No
Check accounting method:
Cash
Accrual
c
Other (specify)
2
See the instructions and enter the:
a Business activity
b Product or service
3
At any time during the tax year, was any shareholder of the corporation a disregarded entity, a trust, an estate, or a
nominee or similar person? If “Yes,” attach Schedule B-1, Information on Certain Shareholders of an S Corporation .
.
4
At the end of the tax year, did the corporation:
Own directly 20% or more, or own, directly or indirectly, 50% or more of the total stock issued and outstanding of any
a
foreign or domestic corporation? For rules of constructive ownership, see instructions. If “Yes,” complete (i) through (v)
below .
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(v) If Percentage in (iv) is 100%, Enter
(ii) Employer Identification
(iii) Country of
(iv) Percentage of
(i) Name of Corporation
the Date (if any) a Qualified Subchapter
Number (if any)
Incorporation
Stock Owned
S Subsidiary Election Was Made
b
Own directly an interest of 20% or more, or own, directly or indirectly, an interest of 50% or more in the profit, loss, or
capital in any foreign or domestic partnership (including an entity treated as a partnership) or in the beneficial interest of a
trust? For rules of constructive ownership, see instructions. If “Yes,” complete (i) through (v) below .
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(ii) Employer Identification
(iv) Country of
(v) Maximum Percentage Owned in
(i) Name of Entity
(iii) Type of Entity
Number (if any)
Organization
Profit, Loss, or Capital
5a
At the end of the tax year, did the corporation have any outstanding shares of restricted stock? .
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If “Yes,” complete lines (i) and (ii) below.
(i)
Total shares of restricted stock
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(ii)
Total shares of non-restricted stock .
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b
At the end of the tax year, did the corporation have any outstanding stock options, warrants, or similar instruments?
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If “Yes,” complete lines (i) and (ii) below.
(i)
Total shares of stock outstanding at the end of the tax year
(ii)
Total shares of stock outstanding if all instruments were executed
6
Has this corporation filed, or is it required to file, Form 8918, Material Advisor Disclosure Statement, to provide
information on any reportable transaction?
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7
Check this box if the corporation issued publicly offered debt instruments with original issue discount .
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If checked, the corporation may have to file Form 8281, Information Return for Publicly Offered Original Issue Discount
Instruments.
8
If the corporation (a) was a C corporation before it elected to be an S corporation or the corporation acquired an asset with a
basis determined by reference to the basis of the asset (or the basis of any other property) in the hands of a C corporation and
(b) has net unrealized built-in gain in excess of the net recognized built-in gain from prior years, enter the net unrealized built-in
$
gain reduced by net recognized built-in gain from prior years (see instructions)
9
Did the corporation have an election under section 163(j) for any real property trade or business or any farming business
in effect during the tax year? See instructions .
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10
Does the corporation satisfy one of the following conditions and the corporation doesn’t own a pass-through entity with
current year, or prior year carryover, excess business interest expense? See instructions .
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a
The corporation’s aggregate average annual gross receipts (determined under section 448(c)) for the 3 tax years
preceding the current tax year don’t exceed $25 million, and the corporation isn’t a tax shelter; or
b
The corporation only has business interest expense from (1) an electing real property trade or business, (2) an electing
farming business, or (3) certain utility businesses under section 163(j)(7).
If “No,” complete and attach Form 8990.
11
Does the corporation satisfy both of the following conditions?
a
The corporation’s total receipts (see instructions) for the tax year were less than $250,000 .
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b
The corporation’s total assets at the end of the tax year were less than $250,000
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If “Yes,” the corporation is not required to complete Schedules L and M-1.
1120S
Form
(2018)
3
Form 1120S (2018)
Page
Schedule B
Other Information (see instructions)
(continued)
Yes No
12
During the tax year, did the corporation have any non-shareholder debt that was canceled, was forgiven, or had the
terms modified so as to reduce the principal amount of the debt?
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$
If “Yes,” enter the amount of principal reduction .
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13
During the tax year, was a qualified subchapter S subsidiary election terminated or revoked? If “Yes,” see instructions .
14a
Did the corporation make any payments in 2018 that would require it to file Form(s) 1099? .
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b
If “Yes,” did the corporation file or will it file required Forms 1099?
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15
Is the corporation attaching Form 8996 to certify as a Qualified Opportunity Fund? .
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If “Yes,” enter the amount from Form 8996, line 13 .
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$
Schedule K
Shareholders’ Pro Rata Share Items
Total amount
1
Ordinary business income (loss) (page 1, line 21) .
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1
2
Net rental real estate income (loss) (attach Form 8825) .
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2
3a
Other gross rental income (loss) .
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3a
b
3b
Expenses from other rental activities (attach statement)
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c
3c
Other net rental income (loss). Subtract line 3b from line 3a
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4
Interest income .
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4
5
Dividends: a Ordinary dividends .
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5a
b Qualified dividends .
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5b
6
Royalties .
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6
7
7
Net short-term capital gain (loss) (attach Schedule D (Form 1120S)) .
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8 a
8a
Net long-term capital gain (loss) (attach Schedule D (Form 1120S)) .
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b
Collectibles (28%) gain (loss) .
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8b
c
Unrecaptured section 1250 gain (attach statement) .
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8c
9
Net section 1231 gain (loss) (attach Form 4797) .
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9
10
Other income (loss) (see instructions)
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. Type
10
11
11
Section 179 deduction (attach Form 4562) .
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12 a
Charitable contributions
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12a
b
Investment interest expense .
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12b
c
Section 59(e)(2) expenditures
(1) Type
(2) Amount
12c(2)
d
Other deductions (see instructions) .
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Type
12d
13a
13a
Low-income housing credit (section 42(j)(5))
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b
13b
Low-income housing credit (other)
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c
Qualified rehabilitation expenditures (rental real estate) (attach Form 3468, if applicable)
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13c
d
Other rental real estate credits (see instructions) Type
13d
e
Other rental credits (see instructions)
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Type
13e
f
13f
Biofuel producer credit (attach Form 6478)
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g
Other credits (see instructions)
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Type
13g
14a
Name of country or U.S. possession
b
Gross income from all sources
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14b
c
Gross income sourced at shareholder level
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14c
Foreign gross income sourced at corporate level
d
14d
Section 951A category .
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e
Foreign branch category
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14e
f
Passive category
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14f
g
General category
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14g
h
Other (attach statement)
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14h
Deductions allocated and apportioned at shareholder level
i
14i
Interest expense .
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j
Other
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14j
Deductions allocated and apportioned at corporate level to foreign source income
k
Section 951A category .
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14k
l
Foreign branch category
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14l
m Passive category
14m
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n
General category
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14n
o
Other (attach statement)
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14o
Other information
p
Total foreign taxes (check one):
Paid
Accrued
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14p
q
14q
Reduction in taxes available for credit (attach statement)
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r
Other foreign tax information (attach statement)
1120S
Form
(2018)
4
Form 1120S (2018)
Page
Schedule K
Shareholders’ Pro Rata Share Items (continued)
Total amount
15 a
15a
Post-1986 depreciation adjustment .
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b
Adjusted gain or loss
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15b
c
Depletion (other than oil and gas)
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15c
d
15d
Oil, gas, and geothermal properties—gross income .
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e
Oil, gas, and geothermal properties—deductions .
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15e
f
Other AMT items (attach statement) .
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15f
16 a
16a
Tax-exempt interest income .
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b
Other tax-exempt income .
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16b
c
Nondeductible expenses .
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16c
d
16d
Distributions (attach statement if required) (see instructions)
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e
16e
Repayment of loans from shareholders .
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17a
Investment income .
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17a
b
Investment expenses
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17b
c
17c
Dividend distributions paid from accumulated earnings and profits .
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d
Other items and amounts (attach statement)
18
Income/loss reconciliation. Combine the amounts on lines 1 through 10 in the far right
18
column. From the result, subtract the sum of the amounts on lines 11 through 12d and 14p
Schedule L
Balance Sheets per Books
Beginning of tax year
End of tax year
Assets
(a)
(b)
(c)
(d)
1
Cash
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2a
Trade notes and accounts receivable
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(
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(
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b
Less allowance for bad debts .
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3
Inventories
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4
U.S. government obligations .
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5
Tax-exempt securities (see instructions)
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6
Other current assets (attach statement) .
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7
Loans to shareholders .
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8
Mortgage and real estate loans
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9
Other investments (attach statement)
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10a
Buildings and other depreciable assets .
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(
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(
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b
Less accumulated depreciation .
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11a
Depletable assets
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(
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(
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b
Less accumulated depletion .
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12
Land (net of any amortization) .
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13a
Intangible assets (amortizable only) .
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(
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(
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b
Less accumulated amortization .
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14
Other assets (attach statement) .
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15
Total assets
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Liabilities and Shareholders’ Equity
16
Accounts payable
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17
Mortgages, notes, bonds payable in less than 1 year
18
Other current liabilities (attach statement) .
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19
Loans from shareholders .
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20
Mortgages, notes, bonds payable in 1 year or more
21
Other liabilities (attach statement)
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22
Capital stock .
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23
Additional paid-in capital .
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24
Retained earnings
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25
Adjustments to shareholders’ equity (attach statement)
(
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(
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26
Less cost of treasury stock
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27
Total liabilities and shareholders’ equity
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1120S
Form
(2018)
5
Form 1120S (2018)
Page
Schedule M-1
Reconciliation of Income (Loss) per Books With Income (Loss) per Return
Note: The corporation may be required to file Schedule M-3 (see instructions)
1
Net income (loss) per books
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5 Income recorded on books this year
not included on Schedule K, lines 1
2
Income included on Schedule K, lines 1, 2,
through 10 (itemize):
3c, 4, 5a, 6, 7, 8a, 9, and 10, not recorded
on books this year (itemize)
a Tax-exempt interest $
3
Expenses recorded on books this year not
6 Deductions included on Schedule K,
included on Schedule K, lines 1 through 12
lines 1 through 12 and 14p, not charged
and 14p (itemize):
against book income this year (itemize):
a
Depreciation $
a Depreciation $
b
Travel and entertainment $
7 Add lines 5 and 6 .
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8 Income (loss) (Schedule K, line 18). Line
4
Add lines 1 through 3
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4 less line 7
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Schedule M-2
Analysis of Accumulated Adjustments Account, Shareholders’ Undistributed Taxable Income
Previously Taxed, Accumulated Earnings and Profits, and Other Adjustments Account
(see instructions)
(b) Shareholders’
(a) Accumulated
(c) Accumulated
(d) Other adjustments
undistributed taxable
adjustments account
earnings and profits
account
income previously taxed
1
Balance at beginning of tax year .
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2
Ordinary income from page 1, line 21
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3
Other additions .
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4
(
)
Loss from page 1, line 21 .
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(
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(
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5
Other reductions .
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6
Combine lines 1 through 5 .
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7
Distributions .
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8
Balance at end of tax year. Subtract line 7 from
line 6
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1120S
Form
(2018)