S-Corp Tax Return in Intuit ProSeries Tax (Form 1120S)

This is the Intuit ProSeries Tax work template for all S-Corp tax returns (e.g. 1120S). It covers detailed tasks for roles including Admin, Preparer, Reviewer and Client Manager (for the tax review meeting).

The template has been designed to kick-off, complete, file and confirm with the client within 4 weeks (barring client slow down or internal issues).

In the United States, S corporations are corporations that, for federal tax purposes, elect to pass corporate income, losses, deductions, and credits through to their shareholders. Their shareholders report their subsequant income and losses on their own personal tax returns and are assessed tax at their individual income tax rates. This allows the S corporations to avoid double taxation on the corporate income. However, they are still responsible for tax on certain built-in gains and passive income at the entity level.