Form 1120 vs Form 1120S vs Form 1120A . -- Kiritsis Law Firm Group 212 922 0005

Apr 27, 2021

Many business owners have heard of Form 1120, when tax time comes, but it is important to note the distinctions of form 1120’s type series.

What is Form 1120? This form is generally filed by Corporations, incorporated at its state of incorporation, and is taxed by its default federal tax option, as a C Corp. Form 1120 is filed by most large businesses, who often choose Delaware, as its state of incorporation, due to its favored corporate governance and state corporate income tax rules. 

What is Form 1120S? This form is typically filed by Corporations, incorporated at their state of incorporations. Although, under a strict set of circumstances, be filed by LLCs and certain trusts, in order to take advantage of some unique benefit (a common reason, for structuring, this rare business structure, is for saving self-employment taxes. Form 1120S is associated with S Corps, who are virtually always required to Form 1120S, every year.

What is Form 1120A? This form was discontinued per IRS announcements, following the enactment of the new tax law changes.  This form was used primarily to streamline tax reporting for certain, mostly smaller type, C Corps. A reason for its relative rare use, was that C Corps prone to using Form 1120A, were likely to choose S Corp tax election, and thus file Form 1120S.

 

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