S-Corporation Tax Filing Instructions

1. S-Corporation Tax Filing Instructions S-Corp Tax Return 1120-S - An Overview, Due Date, Extension Form 7004 support@expressextension.com 803-514-5155

2. S-Corporation - An Overview • The S-corporation is taxed in a specific way by the IRS, making it different from C-corporations, Trust, Estates and Limited Liability Companies (LLC). • Corporations with 100 shareholders or less can apply to be treated as an S-corporation by the IRS. • In an S-corporation, the losses, gains, and credits of the corporation flow through their shareholders. This means that shareholders claim these gains, losses, credits, deductions, etc on their own personal tax returns. Therefore, the organization receives the benefit of being taxed like a partnership and there is no double taxation. • To elect to become an S-corporation, organizations must file the Form2553, Election by a Small Business Corporation. The election is not complete until written acceptance is provided by the IRS. 803-514-5155 support@expressextension.com

3. S-Corporation Tax Return • Domestic corporations that are classified as S-corporations by the IRS are required to file Form 1120-S, U.S. Income Tax Return for an S Corporation. This form reports the losses, gains, credits, and deductions of the corporation. • The S-corporation must attach a Schedule K-1 on behalf of each of their shareholders and furnish them with a copy. This form summarizes each individual’s separate share of the S-corporation. Click here to find the Filing Methods and 1120-S Mailing Address. 803-514-5155 support@expressextension.com

4. S-Corporation Tax Form 1120-S Due Date • Form 1120-S must be completed and filed with the IRS no later than the 15th day of the 3rd month following the end of the organization’s tax year. • For organizations that operate on a calendar year, this deadline is quickly approaching on March 15, 2021. 803-514-5155 support@expressextension.com

5. Extension to File Form 1120-S • S-Corporations can easily file an automatic 1120-S extension with the IRS for up to an additional 6 months of time to complete their business income tax return. • File Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns. • The IRS doesn’t require any reason or explanation for why your business is requesting an S-Corporation tax extension. • The extension doesn’t apply to tax payments, these must be made by the original deadline. 803-514-5155 support@expressextension.com

6. How to File an Extension Form for S-Corporations • The IRS permits businesses to file their extension Form 7004 on paper and mail it in, or they can file electronically. • Electronic filing is the IRS-preferred method, as it is much easier for them to process these forms. • E-filing 7004 is also a much simpler method of filing in general. Filers can complete and transmit their extension within minutes and instant IRS updates can be provided. 803-514-5155 support@expressextension.com

7. Advantage of Filing 7004 with ExpressExtension • ExpressExtension is an industry leading IRS e-file provider, with many benefits that users will find extremely convenient! • ExpressExtension offers a simple and efficient filing process based on over a decade of e-filing experience. • Make your tax payment while filing your extension. • File your extension in minutes, from any device, and receive instant IRS updates. • If your Form 7004 is rejected, ExpressExtension provides you with the precise error code. In addition, you are able to correct and retransmit your form at no additional cost! 803-514-5155 support@expressextension.com

8. Contact Us Reach out to our amazing, U.S based support team with any questions! We are available to assist you Monday-Friday, from 9AM-6PM EST by phone, email, and live chat. ExpressExtension support@expressextension.com 803-514-5155