S Corporations Duluth/Gwinnett CPA: General Instructions for Filing as an S Corporation
IRS Form 1120S should be used to report the following things: income, gains, losses, deductions, credits, etc. for a domestic corporation as well as any other kind of entity in a tax year that has elected to be taxes as an S Corporation.
Who Has To File
here are a few reasons why a corporation or entity would have to file with Form 1120S, they are revealed below:
if the corporation claimed to be an S Corporation through Form 2553
the IRS accepted that election
and the claim and election remain in effect for tax the current tax year
Once you have filed Form 2553 the IRS will send you a note of confirmation that your election was received and that it is acknowledged and accepted. I suggest that you will want to keep this document permanently. A prudent place to store this would be along with copies of your business incorporation papers along with the EIN, Bylaws, Articles of Incorporation, Stock Certificates etc.
If you do not receive the IRS confirmation letter of your S Corporation request within two months you should contact the IRS and ask about your election letter by calling 1-800-829-4933. Form 1120S generally should not be filed for tax years before the election was made and accepted.
There is a possibility that if you failed to file Form 2553 on time, that the IRS may give you time for a late election. Instructions for late elections can be found on the instructions for Form 2553.