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Commonly Asked Questions about US Corporate Forms

Individuals employ Form 1040 to file personal income taxes, whereas C corporations utilise Form 1120 for corporate tax returns. The primary distinction lies in the taxpayer type: 1040 is for individuals, and 1120 is for corporations.
Here is a brief overview of the tax forms a typical S corporation needs to file with the IRS. Form 2553 S Corporation Election. Form 1120S S Corporation Tax Return. Schedule B Other Return Information. Schedule K Summary of Shareholder Information. Schedule K-1 Individual Shareholder Information.
S Corporation owners need to file a personal tax return using Form 1040 every year. Additionally, they must also file a Form 1120-S: U.S. Income Tax Return for an S Corporation.
The 1120/1120S forms are received by parents whom have ownership in a corporation. The 1065 form is received by parents whom have ownership in a partnership. The supporting Schedule K-1s will indicate the percentage that parent(s) own in the business.
You must file California S Corporation Franchise or Income Tax Return (Form 100S) if the corporation is: Incorporated in California. Doing business in California. Registered to do business in California with the Secretary of State (SOS)
Both C and S corporations must file a federal income tax return. C corporations use Form 1120 to calculate their taxes due. S corporations use Form 1120S as an information return. S corporations must also prepare a form 10 K-1 for each shareholder to include with their individual returns.
TL;DR: Yes, you have every right to do your own S-Corporation tax return, but we really dont recommend it. The amount of time youd spend researching all the rules and regulations could better be spent doing what you do best and leaving the nitty-gritty to tax professionals like us!
Corporations and S corporations are not usually required to receive 1099 Forms for services provided. This is because they are considered separate legal entities.