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An S corporation need to fill out the Form 1120S to file annual tax returns just like partnerships. Every shareholder in the corporation receives a Schedule K-1 after the Form 1120S is filed. The shareholders report all of the information on the K-1 to report the allocated income on their separate tax returns.
If the LLC is a corporation, normal corporate tax rules will apply to the LLC and it should file a Form 1120, U.S. Corporation Income Tax Return.
For example, S corporations do not need to file Form 1120. S corporations are classified by the IRS as corporations that pass their corporate income through to shareholders (for tax purposes). The shareholders then report this income or loss on their personal tax returns. S corporations must use Form 2553 instead.
Use Form 1120-S to report the income, gains, losses, deductions, credits, etc., of a domestic corporation or other entity for any tax year covered by an election to be an S corporation.
A corporation must file Form 1120-S if it elected to be an S corporation by filing Form 2553, and the Internal Revenue Service (IRS) accepted the election. 5 The IRS uses the ownership percentage detailed in Form 1120-S to allocate how much profit and loss should be assigned to an individual shareholder.

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The main difference between an S corp and a C corp is how each is taxed: Profits from a C corp are taxed to the corporation when earned, then taxed to the shareholders when distributed as dividends, creating a double tax. An S corp may pass income directly to shareholders without having to pay federal corporate taxes.
Use Form 1120-S to report the income, gains, losses, deductions, credits, etc., of a domestic corporation or other entity for any tax year covered by an election to be an S corporation.
Differences Between Form 1120 and 1120-S Form 1120-S is filed by S Corps for federal taxes, while Form 1120 is filed by C Corps for taxes.
Differences Between Form 1120 and 1120-S Form 1120-S is filed by S Corps for federal taxes, while Form 1120 is filed by C Corps for taxes.
\u201cS corporation\u201d stands for \u201cSubchapter S corporation\u201d, or sometimes \u201cSmall Business Corporation." It's a special tax status granted by the IRS (Internal Revenue Service) that lets corporations pass their corporate income, credits and deductions through to their shareholders.

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