Buyer's Guide - If you need to file a return for a corporation
Updated: 11/06/2012
Article ID: GEN12402
If so, the type of return you should file depends on whether your corporation is an S corporation. An S corporation is a corporation for which you, your accountant, or your attorney filed "an S election" with Form 2553 at any time in the past. This election changes the way your corporation is taxed; instead of being subject to corporate income tax rates, the income from your S corporation is taxed on your personal return and is reported to you on Schedule K-1 for Form 1120S.
If Form 2553 wasn't filed, your corporation is taxed as a regular corporation.