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S-Corporation Tax Filing Instructions

• S-Corp Tax Return 1120-S - An Overview, Due Date,
  Extension Form 7004

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803-514-5155
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S-Corporation - An Overview

• The S-corporation is taxed in a specific way by
  the IRS, making it different from C-corporations,
  Trust, Estates and Limited Liability Companies
  (LLC).
• Corporations with 100 shareholders or less can
  apply to be treated as an S-corporation by the
  IRS.
• In an S-corporation, the losses, gains, and
  credits of the corporation flow through their
  shareholders. This means that shareholders claim
  these gains, losses, credits, deductions, etc on
  their own personal tax returns. Therefore, the
  organization receives the benefit of being taxed
  like a partnership and there is no double
  taxation.
• To elect to become an S-corporation,
  organizations must file the Form 2553, Election
  by a Small Business Corporation. The election is
  not complete until written acceptance is provided
  by the IRS.

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3
S-Corporation Tax Return

• Domestic corporations that are classified as
  S-corporations by the IRS are required to file
  Form 1120-S, U.S. Income Tax Return for an S
  Corporation. This form reports the losses, gains,
  credits, and deductions of the corporation.
• The S-corporation must attach a Schedule K-1 on
  behalf of each of their shareholders and furnish
  them with a copy. This form summarizes each
  individuals separate share of the S-corporation.
• Click here to find the Filing Methods and 1120-S
  Mailing Address.

803-514-5155
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S-Corporation Tax Form 1120-S Due Date

• Form 1120-S must be completed and filed with the
  IRS no later than the 15th day of the 3rd month
  following the end of the organizations tax year.
• For organizations that operate on a calendar
  year, this deadline is quickly approaching on
  March 15, 2021.

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5
Extension to File Form 1120-S

• S-Corporations can easily file an automatic
  1120-S extension with the IRS for up to an
  additional 6 months of time to complete their
  business income tax return.
• File Form 7004, Application for Automatic
  Extension of Time To File Certain Business Income
  Tax, Information, and Other Returns.
• The IRS doesnt require any reason or explanation
  for why your business is requesting an
  S-Corporation tax extension.
• The extension doesnt apply to tax payments,
  these must be made by the original deadline.

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How to File an Extension Form for S-Corporations

• The IRS permits businesses to file their
  extension Form 7004 on paper and mail it in, or
  they can file electronically.
• Electronic filing is the IRS-preferred method, as
  it is much easier for them to process these
  forms.
• E-filing 7004 is also a much simpler method of
  filing in general. Filers can complete and
  transmit their extension within minutes and
  instant IRS updates can be provided.

803-514-5155
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Advantage of Filing 7004 with ExpressExtension

• ExpressExtension is an industry leading IRS
  e-file provider, with many benefits that users
  will find extremely convenient!
• ExpressExtension offers a simple and efficient
  filing process based on over a decade of e-filing
  experience.
• Make your tax payment while filing your
  extension.
• File your extension in minutes, from any device,
  and receive instant IRS updates.
• If your Form 7004 is rejected, ExpressExtension
  provides you with the precise error code. In
  addition, you are able to correct and retransmit
  your form at no additional cost!

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8
Contact Us

• Reach out to our amazing, U.S based support team
  with any questions! We are available to assist
  you Monday-Friday, from 9AM-6PM EST by phone,
  email, and live chat.
• ExpressExtension
• support_at_expressextension.com
• 803-514-5155