Part 5/7:
Annual Return: The S corporation must file Form 1120S by March 15 (or the 15th day of the third month after the end of the fiscal year). This form summarizes the business’s financial activity for the year.
Schedule K-1: Distributed to shareholders after the Form 1120S, each K-1 reports individual allocations and is used by shareholders to complete their personal taxes.
Personal Tax Return: Shareholders include their share of income and deductions from the K-1 on their Form 1040, due by April 15 (or the designated date, which can vary).
Important Deadlines:
- For 2022 tax returns, the deadline was April 18, 2023.
Additional Considerations
While S corporations enjoy tax benefits, they also come with specific requirements: