James StillionGuideS corporations
Form 1120-S, Explained
A seven-chapter guide to how an S corporation return works, from page 1 and Schedule B through K-1s, AAA, shareholder basis, penalties and amendments.
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Form 1120-S Filing Basics: What Actually Makes an S Corporation Return Valid
An S corporation return is not just a reporting form.
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Page 1 of Form 1120-S: Why “Ordinary Business Income” Is Narrower Than Many Preparers Think
One of the most important structural features of Form 1120-S is that page 1 is not a catch-all income statement.
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Schedule B and the Hidden Risk Questions on an S Corporation Return
Schedule B of Form 1120-S is often treated as a questionnaire, but it functions more like a risk screen.
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Schedule K and Schedule K-1: The Real Tax Return for the Shareholders
For an S corporation, Schedule K is the entity-level summary, but Schedule K-1 is where the tax consequences become personal.
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Schedule M-2, AAA, and Distributions: Why S Corporation Equity Accounting Is Not Book Retained Earnings
One of the most misunderstood parts of an S corporation return is Schedule M-2.
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S Corporation Returns and Shareholder Basis: Why Form 1120-S Is Only Half the Story
An S corporation return reports the corporation’s items, but the deductibility of losses and the taxability of distributions often turn on shareholder…
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Penalties, Late Filing, and Amended S Corporation Returns: The Procedural Side of Form 1120-S
The procedural rules around Form 1120-S are often underestimated because S corporations are generally pass-throughs.
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