e-file 1120S

[grandmabee]

am I correct in thinking I Don't have to e-file a 1120S or 1065's? And I don't have to include the 8948 waiver.

I think its only for 1040's and 1041's

thanks

[Crank]

I posted a similar question in the TRX forum. I thought I had to efile the 1120S and wanted to know if the IRS or myself sends the k-1s to the shareholders. This is my first 1120S.

[Lion EA]

This year, only Forms 1040 and 1041 must be efiled or use the Form 8948 plus Opt-Out to cover yourself.

When I prepare Forms 1120-S, I give the K-1s to the tax matters partner to deliver -- but it's usually a husband/wife company and I usually prepare the personal returns also! Maybe the preparer is supposed to deliver the K-1s to the shareholders; someone will answer that. The IRS does NOT send the K-1s to the shareholders.

[Randall]

I began efiling 1120s and 1065s last year. I put it off several years because Ky still isn't up on these. But I decided I could still save a little time and paper by efiling the Fed and paper filing the state.

[Lion EA]

That's what has stalled me too. CT has some bizarre method to submit .pdf files on their web site or something I haven't taken the time to learn yet. Since I can't do both federal and CT through my software, I've paper filed all. Have to figure it out for 1041s now.

[10SorTAX]

With the federal penalties per shareholder per month for late filing of forms 1120S, I feel better e-filing and getting that acknowledgement. I've had IRS claim they didn't receive paper filed 1120S's that I know were mailed. I'd rather e-file than mail certified.

Colorado doesn't accept e-filing of corps or partnerships yet, so they have to be mailed, but they also don't incur penalties for late filing, so I don't mind the risk of mailing those.

[Randall]

I agree about the comfort level of getting the acknowledgement. Same with the extensions. I put off efiling extensions until a few years ago, I scratched my head and asked myself why am I sending these in paper. I just efiled all my corp extensions. I'll do 1040s the first week of April. Try to contact clients I think might owe something for a payment to send in but at least the extensions will be filed.

[michaelmars]

gotta be carefull, extensions are supposed to be a good faith effort and -0- extensions are getting thrown out as frivilous. even if the client isn't or can't make a payment, fill out what you think his tax liability is going to be.