My S corp didn't turn a profit or have a loss. Do I still need to file any forms with the IRS like a 1120S?

[FaithY · Accepted solution]

Yes, you must still file forms with IRS like Form 1120S. 

Even though the S corporation does not pay income tax, it has a responsibility to file an annual tax return on Form 1120S. This tax form is for informational purposes only and provides the IRS with an aggregate view of the business’ earnings and expenses. 

Along with the Form 1120S, the S corporation is also responsible for preparing a separate Schedule K-1 for each shareholder to report their respective share of earnings and deductions. A shareholder will report the Schedule K-1 on their personal tax return (Form 1040, Schedule E, page 2.)

Click here to read an TurboTax article about S Corporations.