Printable Form 1120-S (Schedule K-1) San Jose California 2023-2024

Printable Form 1120-S (Schedule K-1) San Jose California: What You Should Know

The S Corp tax form does not have the additional information that Schedule K-1 provides. Taxation Code 2150D: S Corporation and Shareholders The form outlines the responsibilities of an S Company shareholder for reporting, maintaining, and paying the corporation's share of the corporation's general tax liability. Shareholders include the owners of more than 50% of the voting power of the corporation. The shareholder's election of whether to file Form 1120-S with the IRS does not alter this information. Form 1120-S Summary of Information 1. Name and address of the S Corporation 2. Type of business (S Corporation, Partnership, Sole Proprietorship, or Foreign Corporation) 3. Legal entities 4. Number of share certificates outstanding — the number is the number of share certificates as determined by the last balance sheet, and the number may not exceed 50,000, multiplied by .05 if you elect to treat a particular shareholder as having 100% or more of the voting power of the corporation as the number of share certificates outstanding does not exceed 50,000, divided by 3. 5. Maximum number of shares of stock (maximum 1,000 shares). 6. Annual tax payment period. For 2018, the due date for the shareholder's tax return is April 15th; for 2019, the due date is September 30th. 7. Date of the last balance sheet, which may be more than 10 years ago, if the latest balance sheet was not filed for more than 10 years ago (the shareholder is advised that he or she may need to review its tax bill and/or the 1120-S form in order to find out its due date). 8. Number of the S corporation's name, effective tax rate, and gross revenue on its tax return for the tax year in which it's formed. The gross revenue of an S corporation can be as large as or greater than the gross revenue of its parent, partnership, or sole proprietorship. 9. Estimated federal tax liability. This amount is an amount due on the shareholder's tax return for the year in which the shareholder is organized unless it's the parent or limited liability company that pays federal income tax. 10. Estimated federal tax liability, and estimated state tax liability.

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