S Corporations Are Required to File Form 1120S, U

question 8

True/False

S corporations are required to file Form 1120S, U.S. Income Tax Return for an S Corporation, with the IRS by the fifteenth day of the fourth month after the S corporation's year end.

---

Definitions:

Provincial Tax Rates

The tax rates imposed by a province or territory on income, property, and goods and services, which vary by jurisdiction.

Cash Flow

The comprehensive measure of cash flow into and out of a business operation, crucially shaping its financial liquidity.

Depreciation

Allocating the expense of a tangible asset over the period of its use, taking into account its deterioration or outdating.

Net Working Capital

The difference between a company's current assets and current liabilities, indicating the liquidity and short-term financial health of the business.