Form 1120S 2016 Extension Form: Understanding the Filing Requirements

When it comes to filing tax returns for a corporation or other entity, there are various forms that need to be submitted to the Internal Revenue Service (IRS). One of these forms is the Form 1120S, which is used by corporations that have elected to be treated as S corporations. In this article, we will focus on the requirements and procedures for filing the Form 1120S extension form.

Before Filing Form 1120S

It's essential to note that you cannot file Form 1120S for any tax year before the year the election takes effect. This means that if you made an S corporation election, you will need to wait until the specified year before filing the form.

If you didn't receive notification of acceptance or non-acceptance of the election within two months of filing Form 2553 (five months if you checked box Q1 to ask for a letter ruling), it's recommended that you take follow-up action by calling 1-800-829-1040. After filing Form 2553, you should have received confirmation that your form was accepted.

Who Must File Form 1120S?

A corporation or other entity must file Form 1120S if three specific conditions are met:

(a) It elected to be an S corporation by filing Form 2553.

(b) The IRS accepted the election.

In April 2018, the IRS updated Form 1120S, which is used by U.S. corporations that have elected to be treated as S corporations. This form provides a comprehensive overview of an S corporation's income, deductions, and credits.

Filing Form 1120S can seem daunting, but understanding the requirements and procedures can make the process much smoother. Remember to wait until the specified year before filing the form and take follow-up action if you don't receive notification from the IRS within the allotted time frame. Additionally, ensure that your corporation meets the necessary conditions for filing Form 1120S.

Form 1120s 2016 extension form