The Families First Coronavirus Response Act (the FFCRA, PL 116-127) provides paid sick leave and expanded family and medical leave for COVID-19 related reasons and creates the refundable paid sick leave credit and the family leave credit for eligible employers. Payroll tax credit for qualified sick and family leave wages. The draft instructions point out the following new aspects of the 2020 Form 1120-S and the 2020 Schedule K-1: ( IRS Forms and Publication finder) What’s new. The final Schedule K-1 was released on November 18, 2020. The final 2020 Form 1120-S was released on December 15, 2020. (Shareholder’s Instructions for Schedule K-1) (Instructions for Form 1120-S) Schedule K-1 is used to report income, deductions, and credits allocated to S corporation shareholders. Income Tax Return for an S Corporation, for use in tax years beginning in 2020, as well as draft instructions for the form and for Schedule K-1 (Form 1120-S) (Shareholder’s Share of Income, Deductions, Credits, etc.).Ī domestic corporation or other entity must use Form 1120-S to report income, gains, losses, deductions, credits, etc., for any year covered by an election to be an S corporation. The IRS has issued the final Form 1120-S, U.S.
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