Businesses structured as S corporations can deduct payroll tax expenses on line 12 of Form 1120S. Only the employer portion of payroll taxes, not the employee portion, are deductible for the business.

The Income Tax Department on Friday, May 30, announced the release of Excel utilities for ITR-1 (Sahaj) and ITR-4 (Sugam) for ...

The Income Tax Department has released Excel utilities for ITR Forms 1 (Sahaj) and 4 (Sugam) for the Assessment Year 2025-26, ...

If information is entered incorrectly on the main Form 1120S or Schedule M-1, Schedule L may not balance correctly. If your S Corporation has more than $250,000 in assets at the end of the ...