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Printable Form 1120-S (Schedule K-1) Nassau New York: What You Should Know
Form 1120-S (or Schedule M-1), a taxpayer may be required to fill out an additional form for each business activity. The new Schedule K-1 forms will reduce the amount of tax a taxpayer is required to pay. The Form 1120-S (or Schedule M-1) is required to be filed yearly, unless the tax return is filed electronically. If, the Form 1120-S (or Schedule M-1) is filed electronically, it must be filed no later than the date shown in the form. You get full tax credit for filing the appropriate form. The purpose of the tax form is to help you keep track of your taxes. As such, the information contained in the Form Schedule K-1 (Form 1120-S) may not be used for tax accounting purposes. The Schedule K-1 will be replaced by a new Form 1120-S, Form 1120-S (Form 720), and Form 1120-S for Puerto Rico, for an estimated annual tax liability, in 2023 and every three years thereafter. The IRS has said that the form for New York State will be released in the first quarter of 2019. See Schedule K-1 Form. New York State business owners, you need to be aware of the following as we have already posted an important fact sheet on Tax Form 1120-S, Tax Schedule K and Business Tax Return for Business Entities — 2018.
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