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Form Instructions 1120-S for Palm Beach Florida: What You Should Know

Form 1120-S. Corporations — File a 2023 calendar year income tax return (Form 1120S) and pay any tax due. This due date applies only if you timely requested a Form 1120-S. In cases in which you filed a US Income Tax Return (Form 1120) for an S Corporation or limited liability company with no election under 26 U.S.C. Section 83(e), the due date is the last day of the calendar year following the calendar year for which income was reported. (Example: 2023 would be the first due date.) In most cases, you are required to pay tax on the date you file the return. However, there are several exceptions to this general rule. Tax Credits/Incentives for the Self-Employed and Certain Business Entities Under Section 7805(e), you are not required to file a tax return for taxable years of 2018–2022. However, under Section 83(c)(1), you are not allowed to claim self-employed health insurance coverage and self-employed dependent employer coverage credits for any of the years from 2023 to 2023 when such coverage is provided to the employee. In cases in which you have self-employment health insurance, you are not allowed to claim the health insurance coverage unless it is offered by an employer. For information on health insurance coverage received from your employer, see IRM 11.7.3.8.2, Self-Employed Health Insurance Coverage Received from Self-Employed Individuals, and IRM 11.7.0.7, Coverage Received for Self-Employed Individual. Under Section 7805(g), you may not claim the self-employed child tax credit. IRM 11.7.3.5.1, Self-Employed Child Tax Credit, provides more information. Under Section 83(c)(2), you may not claim the employer shared responsibility provision and the alternative minimum tax for any taxable year for which you received an excess health benefit for yourself, your spouse (as defined and described in 26 U.S.C. Section 6018(c)) or your dependent. The excess health benefit is any payment directly or indirectly from the employer to the employee in connection with a plan offering covered coverage that provides coverage up to the lowest common percentage (or the lowest actuarial value) of the value of benefits provided under all such plans offered to the employee.

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