What is Form 1120-S?
Form 1120-S, also known as the U.S. Income Tax Return for an S Corporation, is used by S corporations to report their income, deductions, gains, losses, credits, and other information. S corporations, unlike C corporations, pass corporate income, losses, deductions, and credits through their shareholder for federal tax purposes. Completing and filing Form 1120-S accurately and on time is essential for S corporations to maintain compliance with the Internal Revenue Service (IRS).