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Form Instructions 1120-S MS: What You Should Know

May 15, 2023 — Read instructions for how to complete your Schedule K-1. Form 1120-S, Employer's Tax Return for an S Corporation A corporation can elect to use the form “Form 1120-S” (with an “S” prefix for an S corporation) to report its Mississippi income for tax purposes. However, you must use Form 1120-S (with an “S” prefix) for either of the following transactions: For income from foreign operations, see Form 5471, Business Income, etc. from a Foreign Country. For other items, use Schedule K‑1. This instruction sets forth IRS procedures for determining the state income tax liability of an S Corporation with any foreign assets, when an S-Corporation is formed but does not have any Mississippi income, and when an S-Corporation does have Mississippi income. You may, on and after July 1, 1984, elect to use Form 1120-S as its Mississippi income tax return. For a Form 1099-K reporting a business or rental office income, including that under an installment agreement, and for other income, see Tax Bulletin 2004-12, Tax on Business and Dormant Farm Property, and Tax Bulletin 2009-10, Tax on Other Business Income, and Report on Form 5471. Form 1099-K for any S corporation is due as of April 1. Form 1099-K for S corporation shareholders is due on or before April 1. The filer's return must be signed and submitted to the IRS before the due date of Form 1099-K for shareholders by April 25. Form 1099-K for a business that is engaged in trade or business or has any other activity that is the basis for any type of income or gain, including a partnership, is due on or before April 1. Form 1099-K is due April 15. The filer's return must be signed and submitted by April 15. The return must report all the business's income, including any items derived from trade or business, whether a distribution is made to the owners or managers of S corporation shares. Form 1099-K with a state income tax return, such as a Form 5471, for any nonresident corporation must be filed by April 1 and the return must be signed and submitted by April 15.

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