S Corporation Income Tax - Department of Taxation - Hawaii.gov 2025

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  1. Click ‘Get Form’ to open it in the editor.
  2. Begin by entering your business name and Federal Employer I.D. No. in the designated fields. Ensure that all information is printed clearly or typed for accuracy.
  3. Fill in the business activity code number as shown on your federal form 1120 or 1120A, along with your address and the date your business began in Hawaii.
  4. Indicate if this is an amended return or if you are carrying back a net operating loss by checking the appropriate boxes.
  5. Proceed to complete lines 1 through 10, entering amounts from comparable lines on your federal return. Be sure to calculate totals accurately for gross receipts, deductions, and taxable income.
  6. Finally, review all entries for completeness and accuracy before signing at the bottom of the form. If applicable, attach any required schedules or documents.

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An S-corp is required to file Form 1120-S each year. The form is used to report the businesss income, gains, losses, deductions, and credits to the IRS. S corporations also have to provide each shareholder with a Schedule K-1, which reports their share of the businesss profits and losses.
Yes, one person can form an S corporation and serve as its sole board member and employee. Note, however, that youll still need to hold annual board of directors meetings and take minutes at those meetings, even if youre the only attendee.
An LLC is a type of business entity, while an S corporation is a tax classification. To be taxed as an S corporation, your business must first register as a C corporation or an LLC and meet specific guidelines set by the IRS to qualify.
California does tax S Corps Most states follow the federal IRS rules and dont make S Corps pay income tax, but California is an exception. All California LLCs or corporations that choose S Corp taxation must pay a 1.5% state franchise tax on their net income.
How to Start a Hawaii S Corp Name your Hawaii LLC. Appoint a registered agent in Hawaii. File Hawaii Articles of Organization. Create an operating agreement. Apply for an EIN. Apply for S Corp status with IRS Form 2553.

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The G-49 is used to report annual sales and correct any errors or differences between your periodic reporting on G-45 and your finalized annual sales.

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