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In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
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- If a single-person Corporation files an 1120 and taxes are owed, will it not produce a K-1 to the owner for their personal return?
If a single-person Corporation files an 1120 and taxes are owed, will it not produce a K-1 to the owner for their personal return?
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mac20coaching
Level 3
04-07-2022
05:46 PM
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qbteachmt
Level 15
04-07-2022
05:51 PM
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You used the word "corporation" but that is Generic.
You stated 1120, which is C Corp. It is not a Pass Through Entity. It pays its own taxes, and reports to shareholders, who might also have taxes to pay because of the corporate activities = double taxation.
Perhaps someone filed the wrong form. An S Corp would file 1120S. An S corp is a pass through entity.
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