S corp questiob
I am an IT consultant. I started my bisoness in December 2020. I am an S Corp. I received one payment for work performed in December 2020. No payroll for 2020. My question is am I required to file an 1120S and K1 for 2020?
Answer:
As a CPA, I came across this website and joined just last week, and I just came across your question.
Unfortunately, yes, you need to file a Form 1120S, which will include the Schedules K and K-1 for 2020. S corporations must file a return every year, whether or not there is any activity. Don’t forget about any state return, such as a state income tax return, franchise return, or annual report. Feel free to contact me if you wish to engage me to help.
Answer Provided by: 
Adam Dickreiter
Adam Dickreiter
