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Form 1120-S for Palmdale California: What You Should Know

The information required on Form 1120-S includes the following: Names of the shareholders and address of each shareholder's principal place of business. Whether the corporation is a partnership with one or more shareholders. Type of business: What type of business is the S corporation's business? The type of income or loss of the S corporation. The number of shares of all classes of stock owned by the corporation. Form 1120S may be filed either electronically or by paper.  Electronic filing requires payment of a 70 filing fee and is available online at IRS.gov and by phone at and TTY, while paper filing is available in person at the Internal Revenue Service (IRS) located in Washington, DC, at 400 New Jersey Avenue NE, Box 10052, Washington, DC 20049 (telephone:; Internet:) or at local branches of the IRS. The cost of filing and processing Form 1120-S and its tax consequences are dependent upon the particular facts and circumstances involved. These costs may include the following: Processing fees for electronic filing will total 3.64; printing and mailing of the Form 1120-S will total 15.88 and the tax required will total 2,874. The IRS does not provide copies of the Form 1120-S. Instead, each taxpayer is referred to the forms contained in Internal Revenue Bulletin (IRB) 11-65.  An example of an Internal Revenue Bulletin (IRB) 11-65 filing may be found in the Publication 575-A, Federal Income Tax Guide. Who Should File Form 1120-S? The Form 1120‑S is only filed by any shareholders of an S corporation. A shareholder must be an individual who personally, or an entity treated as an individual, owns (or is treated as owning) more than 10 percent (and no less than 1 percent) of the votes of the corporation. A trustee, receiver, or other corporate representative of a corporation who owns (or is treated as owning) no more than 1 percent (and no less than 10 percent) of the votes of the corporation is not required to file Form 1120‑S.

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