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I am a single member S-Corporation. I would like to file my

1120S, but have been told...
I am a single member S-Corporation. I would like to file my 1120S, but have been told that the IRS is not accepting business returns. I have everything I need to file my 1040 forms (married filing jointly). Do I need to wait to file my 1040 Forms before I file my 1120S or can I do it now? Or should I wait and file my business return first? Thank you
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Answered in 14 minutes by:
2/2/2013
Stephanie B.
Stephanie B., Enrolled Agent
Category: Tax
Satisfied Customers: 556
Experience: MTax, EA, QuickBooks Proadvisor. Over 15 years accounting and tax experience specializing in individual and small business.
Verified

Stephanie B. :

Thank you for your question.

Your S-Corp return will have a K-1 that will flow to your personal return. You will need to wait for that K-1 in order to complete your personal tax returns.

If you need further clarification, please let me know.

I look forward to your response.

Stephanie

Customer:

I have my K-1 in order, as I do my own taxes and I know what the amount will be. However, apparently the IRS is not accepting business returns at this time? Do I still need to wait until I actually file my K-1 before I can do personal taxes? Thanks

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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,453
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Different expert here - the IRS has announced it will begin accepting business tax returns (including 1120S) on February 4, 2013 with some exceptions. Please see the following: http://www.irs.gov/uac/Many-Business-Tax-Filers-Can-File-for-2012-Starting-Feb.-4.

As long as your 1120S is complete and you have the K-1 information for your personal 1040, you may file your personal 1040. The IRS began processing personal income tax returns on January 30, 2013.

Please let me know if you require further information or clarification. Thank you.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,453
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Barbara
Barbara
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