Form 1120s Definition

You are seeing definition of Form 1120s in Tax Terms Dictionary

Maybe this is not completely definition of Form 1120s but this is the best definition of Form 1120s at this time that we found. In future, this definition of Form 1120s can be modified, please visit our Tax Terms Dictionary more frequently to get latest information.

Home » Tax Terms Dictionary » Form 1120s

Definition Of Form 1120s:

A tax document used to report the income, losses and dividends ofScorporation shareholders; it is an S corporation's tax return.
Form 1120S is part of the Schedule K-1 document. It is prepared for each individual shareholder and identifies the percentage of company shares owned by the individual for the tax year. For a partnership, Form 1065 is submitted instead of Form 1120S.The IRS uses the ownership percentage to allocate how much profit and loss should be assigned to an individual shareholder. This is easily calculated if the shareholder doesn't see a change in the percentage during the year, but if shares are bought, sold or transfered during the course of the year then profit and loss has to be pro-rated on a per-share basis.

Other Definition Of Tax Terms:

For your more easier in looking up our financial terms dictionary, we classified definitions of financial terms in several types. Please select one type below:
Capital | Forex Broker | Real Estate | Money | Loan | Payment | All Types

Thank you for visiting Tax Dictionary website. We are conituning to upadate more Tax terms to Tax Dictionary. Please visit this website usually to get new definitions of Tax terms. We also provide some more dictionaries, you can find out as below:
Medical Dictionary | Law Dictionary | Legal Dictionary | Business Dictionary | Financial Dictionary | Computer Dictionary | Slang Dictionary