5 Tax Forms Sole Owners of S Corps Use. . -- Kiritsis Law Firm Group 212 922 0005

Apr 27, 2021

Understanding tax laws, could often be made easier, by analyzing, the tax forms, that need to be filed with the IRS.

1. Form 1120S this is a tax reporting and NOT a tax payment form (there are always exceptions, but they are usually, only 2 very unique set of circumstances that may trigger payments with a Form 1120S). In other words, Form 1120S tax returns are merely information filings.

2. Forms 940/941 Generally, an S Corp would have employees, hence, it would need to withhold payroll taxes for its employees, as well as, self-employment taxes (in addition to payroll taxes) for its shareholder employees. Forms 940/941 act as the tax reporting, compliance and payment mechanism for S Corps, with these regards. One form is filed annually, and the other form is filed each quarter.

3. K-1 this is the form the shareholder receives to report any distributions he may have received from the S Corp during its taxable year.

4. W-2 This is the form an S Corp shareholder, who provided services to the S Corp, in exchange of money, uses to report on his individual tax return (i.e. Form 1040).

5. Form 1040 This is the form the individual S Corp likely files for individual income tax reporting, compliance and payment purposes, and would likely contain many items passed through to him from the Form 1120S and the individualized forms it sends out to him.

 

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