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Automate updating financial data in IRS tax Form-1120-S using the LiveFlow template in Google Sheets & Excel. Save countless hours on manually calculating the numbers.
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Excel
Google Sheets
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QuickBooks
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LiveFlow
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Connect to LiveFlowIRS Tax Form 1120-S is a tax form used by S corporations in the United States to report their income, deductions, and tax liabilities to the Internal Revenue Service (IRS). S corporations are a type of corporation that elects to pass its income, deductions, and credits through to its shareholders, who then report them on their individual tax returns.
The Form 1120-S is also known as the "U.S. Income Tax Return for an S Corporation." It requires S corporations to provide information about their income, deductions, and credits for the tax year. S corporations are also required to provide information about their shareholders, including the number of shares outstanding and the identity of the shareholders who own them.
The IRS uses the information provided on Form 1120-S to determine the S corporation's tax liability for the year. The tax liability is calculated by subtracting allowable deductions and credits from the S corporation's taxable income, which is generally the S corporation's gross income less any allowable expenses.
The deadline for filing Form 1120-S is the 15th day of the 3rd month following the end of the S corporation's tax year. However, S corporations can request an extension of time to file the return by filing Form 7004, which grants an additional 6 months to file the return.
