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Form 1120-S (Schedule K-1) online NV: What You Should Know

Form 1120-S 2. Schedule K-1 3. Other Schedule 4. Other Form You also may file a copy of the schedule electronically with the Internal Revenue Service. See IRM 4.3, Reporting Information, for more information about electronic filing. Note: Any schedules you file as a shareholder or director must be made available to the Internal Revenue Service through the Form 1120. The owner has the duty to ensure information and returns can be filed in complete form and that tax information is correct. A shareholder or director must: Be responsible for completing the required pages of the required forms. Keep a copy of the Schedule K-1 for your records. Use the same accounting system you used to prepare your other income tax returns. You must also keep the original of any documents filed in connection with the corporation's income. If you are a limited liability company (LLC) shareholder or director of a corporation, you may be treated as an individual for tax purposes. The income of a corporation is includible in the shareholders' tax return for U.S. federal income tax purposes. A shareholder or director must: File a tax return only for federal tax purposes. A corporation must file Schedule K-1 for each calendar quarter from the date of formation and remain subject to the reporting requirement (Form 1120) until it files a Form 1120S or completes and files another Schedule K-1 for a separate reporting period. See Internal Revenue Code section 7701(b). Incomplete Form 1120s are subject to penalties. See Code Sections 7509, 9011, 10151 and 6672. If the corporation fails to file or files a false form on Schedule K-1, you may be able to recover your tax liability. See Excessively Valuable Corporation, Section 7546. If you are a shareholder or director of another corporation, and you can show that the corporation's failure to file a Schedule K-1 was intended by the corporation's owner to avoid tax or to reduce a tax liability, the shareholder or director may have a claim for the unpaid tax. Under the Internal Revenue Code, the corporation that failed to file a Schedule K-1 must pay the shareholder or director's share of the unearned tax plus a reasonable amount of interest at the rate imposed by the Internal Revenue Code. See Failure To File Schedule K-1, Section 7612, IRS, and Regulations section 1.7612-3T.

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