An eligible domestic corporation can avoid double taxation (once to the shareholders and again to the corporation) by electing to be treated as an S corporation. Generally, an S corporation is exempt from federal income tax other than tax on certain capital gains and passive income. On their tax returns, the S corporation's shareholders include their share of the corporation's separately stated items of income, deduction, loss, and credit, and their share of nonseparately stated income or loss.

If you are an S corporation use the information in the charts below to help you determine some of the forms that you may be required to file.

Chart 1 - S Corporation

If you are an S corporation then you may be liable for...	Use Form...
Income Tax	1120S (S corporation)
Estimated tax	1120-W (corporation only) and 8109
Employment taxes: Social security and Medicare taxes and income tax withholding Federal unemployment (FUTA) tax Depositing employment taxes	941 ( 943 for farm employees) 940 or 940-EZ 8109
Excise Taxes	Refer to the Excise Tax web page

Chart 2 - S Corporation Shareholders