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.
