1st Year filing as an S-corp. How do I file? What do I file? what forms, do I need given the follo

Scottie

How do I file? What do I file? what forms, do I need given the following circumstances?

Mine is a first year S-Corporation with EIN

Ran the business for the first three months as W-2 Employee Paying payroll Taxes. but income/work ran slower than anticipated. Stop paying payroll taxes after about two or three months. Just ran the business straight as the 1 owner that I;m. So, come year end I have issued myself a W-2 statement for two months as the employee. But what do I do with the business. I know Ill file 1120s, The business has plenty of expenses, and I don't expect to show any Net earnings after expenses and cost. But where do I record the business expenses on form 1120s and do I need to give myself a form K-1. I'm the only person. Have not distributed any company shares to anyone, so will I even need k-1, maybe for myself. I'm I a shareholder?

RyanZ

FreeTaxUSA only prepares the individual 1040 tax return, so you will need to use a different service to prepare the 1120-S business tax return.

The form K-1 is required to be generated from the business return for anyone who was a shareholder during the year. The K-1 is like a summary of the business activities for the year that you will enter into FreeTaxUSA to report on your personal tax return.

Please be aware that business returns are due to be filed 1 month before the individual returns, which is March 15. You will want to file an "extension to file" to avoid the failure to file penalty.

https://www.irs.gov/instructions/i1120s#en_US_2023_publink11515kd0e874
"…For returns on which no tax is due, the penalty is $235 for each month or part of a month (up to 12 months) the return is late or doesn't include the required information, multiplied by the total number of persons who were shareholders…"

https://www.irs.gov/instructions/i1120s#en_US_2023_publink1000131637
Increase in penalty for failure to file. For tax returns required to be filed in 2024, the minimum penalty for failure to file a return that is more than 60 days late has increased to the smaller of the tax due or $485. See Late filing of return , later.