What Form 1120-S does
Form 1120-S reports an S-Corporation’s income, deductions, and credits to the IRS. Like a partnership, an S-Corp is a pass-through entity; it doesn’t pay federal income tax itself. Instead, profits and losses pass through to shareholders via Schedule K-1, reported on each shareholder’s personal return.

Who needs to file it
Any business that has filed IRS Form 2553 to elect S-Corporation tax status must file Form 1120-S annually, even in years with no income.

Why the S-Corp election matters
S-Corp status is popular specifically because it can reduce self-employment tax exposure compared to a sole proprietorship or standard LLC; but it comes with stricter requirements, which this filing needs to reflect accurately. If you’re unsure whether S-Corp status makes sense for your business, schedule a consultation with us and we can help you decide.

Deadline
March 15 for calendar-year S-Corporations, because shareholders need their K-1s before filing personally on April 15th.

How Luminary can help
We make sure shareholder compensation is set at a defensible, reasonable level, keep your books aligned with what the K-1s ultimately need to show, and prepare the full 1120-S filing accurately and on time. For more information, see our services page.