Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
View this page to find answers to common questions on estimated tax payments. See here for more info.
View this page to find answers to common questions on estimated tax payments. See here for more info.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProConnect Tax
- :
- ProConnect Tax Discussions
- :
- C corp filing as an S corp
C corp filing as an S corp
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
JJKIMCPA925
Level 2
2 weeks ago
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Hello,
I have a client who is registered as a C corp but elected to file as an S Corp. In this situation do we need to file an 1120 or an 1120s? If we need to file an 1120s, are there any nuances or differences that I should look out for?
Thank you!
1 Comment 1
abctax55
Level 15
2 weeks ago
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
C Corp pays taxes if profit.
S Corp passes thru net income/loss and some other things to the shareholder(s).
Unless the election was a/o 1/1/xx - both 1120 & 1120-S will be needed in the year of the election.
(Cliff notes version of C v S - I suggest a few CPE classses....)
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
( Generic Comment )"
