Form 1120S is an S Corporation’s tax return. This return reports the income, loss, and the dividends of an S corporation shareholders to the Internal Revenue Service. In this article, we will explain how long it takes to file Form 1120S, provide an overview of the form, and get you to the instructions.
When filing Form 1120S, Schedule K-1 needs to be attached so that the percentage of the company shared by each individual shareholder for the tax year can be reported and Schedule K-1 must be prepared for every shareholder. This schedule is also used by partnerships on their tax return – Form 1065.
How long it takes to file Form 1120S?
Filing Form 1120S isn’t what’s going to take the most time – the record-keeping is. Record keeping to file Form 1120S can take weeks and gathering all the information needed is definitely going to be a harsh one. Just like any tax return for other types of corporations, S corporation tax return oftentimes requires multiple tax preparers.
It can take between a week to a month to file Form 1120S including gathering the information that needs to be entered on the S corporation tax return.
Luckily, the Internal Revenue Service provides tax preparers and individuals with the instructions to file Form 1120S. It’s certainly one of the longest instructions you will find on the IRS database. Since Form 1120S is very complex and details a lot of information, it’s understandable.
Form 1120S Paper Instructions
The Internal Revenue Service releases two types of instructions for tax forms. You can either read or print out the PDF version of the Form 1120S instructions. Get this version of Form 1120S instructions.
Form 1120S Online Instructions
Along with the paper instructions to file, you can look up the instructions online. The IRS highlights every part of Form 1120S in a list where you can click to jump to the part you need to read about the instructions.