BizTerm Definition
Form 1120S
Short Definition
US Income Tax Return for an S Corporation
Full Definition

Refers to IRS Form#1120S: "US Income Tax Return for an S Corporation". Like the Form 1120 filed by regualar US corporations, this Federal Tax return is due on 03/15/09, by qualified S Corporations. Unike regular US corporations, the 1120S is an "informational return" only as no taxes are paid. Instead, the 1120S reports the net profit or loss of the corporation, which are then specifically assigned to individual taxpayers based on their share of ownership in the S Corporation.

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