Corporate Taxes (Form 1065, Form 1020S and Form 1020) - 30 min (Initial advice)

Forms 1065, 1120S, and 1120 are tax forms used by companies in the United States to file their corporate taxes. Here is a summary of each of these forms:

1. **Form 1065 - Partnership Tax Return:**
- Used by general and limited liability partnerships (LLP) to report the company's income, deductions, profits and losses.
- Income and expenses are passed through the company to the partners, who must report them on their personal tax returns.
- Form 1065 is also used to report the distribution of income and losses between partners, as well as any necessary adjustments or corrections.

2. **Form 1120S - Subchapter S Corporation Tax Return:**
- Used by corporations that have elected subchapter S tax treatment.
- Similar to Form 1065, it reports the corporation's income, deductions, profits and losses.
- Unlike traditional C corporations, S corporations are not taxed at the entity level; Instead, income and expenses are passed through the company to shareholders, who report them on their personal tax returns.

3. **Form 1120 - Corporation Tax Return:**
- Used by traditional C corporations.
- Reports the income, deductions, profits and losses of the corporation.
- C corporations pay income taxes at the entity level and can also distribute taxable dividends to shareholders.