The IRS Form 1120-S, known as the "U.S. Income Tax Return for an S Corporation," is a tax document required for S Corporations in the United States. This form is used by S Corporations to report their income, losses, deductions, credits, and other financial information. Unlike Schedule C, which is utilized by Sole Proprietors or Single-member LLCs to report self-employment income, Form 1120-S is specific to S Corporations, which are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.
To create a Form 1120-S, please do the following:
- Go to the Main Menu located at the top left of the app
- Scroll down and choose the Accounting Reports option
- Choose 1120-S and the relevant year
- Read the disclaimer and then choose GET STARTED
- If any expenses remain uncategorized, categorize them
- Follow any additional instructions to generate the Form 1120-S
After generating the Form 1120-S, click on the download option found at the top right to save the Form 1120-S on your device.
Here is a portion of a Form 1120-S generated through Lili's app:
Lili is a technology company and not a bank. Banking services are provided by Choice Financial Group, Member FDIC. The Lili Visa® Business Debit Card is issued by Choice Financial Group, Member FDIC, pursuant to a license from Visa U.S.A.