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Small Business

The most frequently asked tax questions related to Small Business

S corp questiob

Asked Monday, March 15, 2021 by Anne

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?

CPA 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.

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