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Fill Your Wisconsin 5S Form

The Wisconsin 5S form serves as a critical document for S corporations operating within the state, detailing their obligations for franchise or income tax returns. Created to ensure these entities comply with state tax laws, it outlines specifics such as income calculations, tax credits, deductions, and shareholder information for the fiscal year. Importance is placed on accuracy and timeliness, with a due date set for the 15th day of the third month following the close of the taxable year, emphasizing the need for businesses to prepare and submit their documentation within this timeframe to avoid penalties.

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Content Overview

Filing the Form 5S in Wisconsin is a critical process for entities operating as S corporations within the state, encompassing a comprehensive detail on income, losses, deductions, and credits relevant to the corporation's tax responsibilities. This form, specifically designed for Tax-Option (S) Corporations, requires accurate completion with black ink and adherence to the due date, which falls on the 15th day of the 3rd month following the close of the taxable year. It begins by collecting basic but essential information about the corporation, including name, address, and Federal Employer Identification Number, moving on to more detailed sections that demand inputs on business activity codes, the state of incorporation, and specifics such as amended returns or indication of a short period due to accounting method changes. Moreover, it delves into financial specifics, requesting details on federal, state, and municipal interest, Wisconsin apportionment percentage, and calculations for net tax after credits. The form also addresses additional taxes pertinent to specific situations like recycling surcharge and shareholders’ distribution. For those corporations with operations spanning beyond state lines or engaging in international transactions, it captures the essence of such activities, ensuring that tax obligations are met both within and outside Wisconsin. Lastly, directives for attaching the federal Form 1120S and other necessary schedules highlight the interconnectedness of state and federal tax filings, underscoring the importance of thorough, accurate, and timely submission to avoid penalties and maximize compliance.

Preview - Wisconsin 5S Form

DO NOT STAPLE OR BIND

Form

Wisconsin Tax-Option (S) Corporation

Franchise or Income Tax Return

2010

M M D D C

C Y

M M D D C C Y Y

For 2010 or taxable year beginning

and ending

Complete form using BLACK INK.

Due Date: 15th day of 3rd month following close of taxable year.

Corporation Name

Number and Street

Suite Number

City

State

ZIP (+ 4 digit sufix if known)

A Federal Employer ID Number

D Check  if applicable and attach explanation:

B Business Activity (NAICS) Code

Amended return

Short period - change in accounting method

C State of Incorporation

and

Year

First return - new corporation or entering Wisconsin

Short period - stock purchase or sale

Enter abbreviation of

state in box, or if a

C Y Y

foreign country, enter

Final return - corporation dissolved or withdrew

Short period - termination of S corporation election

below.

Check  if applicable and see instructions:

E If you have an extension of time to ile, enter extended due date M M D D C C Y Y

FIf no business was transacted in Wisconsin during the taxable year, attach a complete copy of your federal return.

G If you are iling a Form 1CNS on behalf of nonresident shareholders.

HEffective date of Wisconsin tax-option corporation election

Total number of shareholders

Number of nonresident shareholders

If you have related entity expenses and are required to ile Schedule RT with this return.

WI Property

.00

WI Payroll

.00

Total Co. Property

.00

Total Co. Payroll

.00

ENTER NEGATIVE NUMBERS LIKE THIS  –1000

NOT LIKE THIS  (1000)

NO COMMAS; NO CENTS

Federal, state, and municipal government interest (see instructions)

.00

2Wisconsin apportionment percentage (from Form 4A-1 or Form 4A-2). This is a required ield.


					2	.	%
	If percentage is from Form 4A-2, check ( ) the space after the arrow				2	.
3	Multiply line 1 by line 2	. . . .	. . . . . . . . . . . . . . . . . . . . .	. 3. .				.	00
4	Enter 7.9% (0.079) of the amount on line 3. This is gross tax			. 4. .			.00
5	.Manufacturer’s sales tax credit (from Sch. MS, line 3). . .	5		.00
6	Community development inance credit	6		.00			.00
7	Add lines 5 and 6. This is total nonrefundable credits . . . .	. . . .	. . . . . . . . . . . . . . . . . . . . .	. 7. .			.00
8	Subtract line 7 from line 4. If line 7 is more than line 4, enter zero (0). This is net tax			. 8..			.00
9	Additional tax on tax-option (S) corporations (from page 2, Schedule Q, line 10)			. 9. .			.00
10	Recycling surcharge (from page 2, Schedule S, line 4) . . .	. . . .	. . . . . . . . . . . . . . . . . . . . .	. 10. .			.00
11	Endangered resources donation (decreases refund or increases amount owed)			11			.00
12	Veterans trust fund donation (decreases refund or increases amount owed)			. 12. .			.00
13	Add lines 8 through 12	. . . .	. . . . . . . . . . . . . . . . . . . . .	. 13. .			.00
14	Estimated tax payments less refund from Form 4466W.	14		.00
	If this is an amended return, see instructions	14		.00
15	Wisconsin tax withheld on amount on line 1	15		.00			.00
16	Add lines 14 and 15	. . . .	. . . . . . . . . . . . . . . . . . . . .	. 16. .			.00
17	Interest, penalty, and late fee due (from Form 4U, line 17 or 26).				17		.00
	If you annualized income on Form 4U, check () the space after the arrow				17		.00
18	Tax due. If the total of lines 13 and 17 is larger than line 16, enter amount owed			. 18. .			.00
19	Overpayment. If line 16 is larger than the total of lines 13 and 17, enter amount overpaid			. 19. .			.00
20	Enter amount of line 19 you want credited to 2011 estimated tax	20		.00

IC-049i

2010 Form 5S									Page 2 of 4
21	Subtract line 20 from line 19. This is your refund	. . . . . . . . . . . . . .		. .	21			.00
22	Enter total company gross receipts from all activities (see instructions) . .	. . . . . . . . . . . . . .		. .	22			.00
23	Enter total company assets from federal Form 1120S, item F	. . . . . . . . . . . . . .		. .	23			.00
24	If the tax-option corporation paid withholding tax on income distributable to nonresident				24			.00
	shareholders, enter total amount paid for all shareholders for the taxable year							.00
					24
Schedule Q - Additional Tax on Certain Built-In Gains								.00
1	Excess of recognized built-in gains over recognized built-in losses (attach schedule)				1			.00
2	Wisconsin taxable income before apportionment (attach computation schedule)				2			.00
3	Enter the smaller of line 1 or line 2. This is the net recognized built-in gain (see instructions) . .				3			.00
4	Wisconsin apportionment percentage (from Form 4A-1 or Form 4A-2). This is a				4	.		%
	required ield. If percentage is from Form 4A-2, check () the space after the arrow				4	.		%
5	Multiply line 3 by line 4				5					.00
5	Multiply line 3 by line 4	. . . . . . . . . . . . . .		. . .	5					.00
6	Wisconsin net business loss carryforward (attach schedule)		. . . . .	. . .	6			.00
7	Subtract line 6 from line 5	. . . . . . . . . . . . . .		. . .	7			.00
8	Enter 7.9% (0.079) of the amount on line 7		. . . . .	. . .	8			.00
9	Community development inance credit		. . . . .	. . .	9			.00
10	Subtract line 9 from line 8. This is the additional tax to enter on Form 5S, page 1, line 9				10			.00

Schedule S - Recycling Surcharge
1 Enter net income (loss) (see instructions)		. . . . . . . . . . . . . .		. . .	1			.00
2 Wisconsin apportionment percentage (from Form 4A-1 or Form 4A-2). This is a						.		%
	required ield. If percentage is from Form 4A-2, check () the space after the arrow .				2	.		%
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 Multiply line 1 by line 2		. . . . . . . . . . . . . .		. . .	3						.00
4 Enter the greater of $25 or 0.2% (0.002) of the amount on line 3, but not more than $9,800.					4			.00
	This is the recycling surcharge to enter on Form 5S, page 1, line 10 . . . .	. . . . . . . . . . . . . .		. . .	4			.00

Additional Information Required
1	Person to contact concerning this return:	Phone #:					Fax #:

2City and state where books and records are located for audit purposes:


3 Are you the sole owner of any QSubs or LLCs?	Yes	No If yes, attach a list of the names and federal EINs of your
solely owned QSubs and LLCs. Did you include the incomes of these entities in this return?			Yes	No

4Did you purchase any taxable tangible personal property or taxable services for storage, use, or consumption in Wisconsin with-

out payment of a state sales or use tax?		Yes		No If yes, you owe Wisconsin use tax. See instructions for how to
report use tax.

5Did any adjustments made by the Internal Revenue Service to your income for prior years become inalized during this year?

Yes

No If yes, see instructions and indicate years adjusted:

6List the locations of your Wisconsin operations:

Under penalties of law, I declare that this return and all attachments are true, correct, and complete to the best of my knowledge and belief.

Signature of Oficer

Title

Date

Preparer’s Signature

Preparer’s Federal Employer ID Number

Date

You must ile a copy of your federal Form 1120S with Form 5S, even if no Wisconsin activity.

If you are not iling electronically, make your check payable to and mail your return to:

Wisconsin Department of Revenue

PO Box 8908

Madison WI 53708-8908

2010 Form 5S

Page 3 of 4

Income (Loss)

Deductions

Credits

Foreign Transactions

Schedule 5K – Shareholders’ Pro Rata Share Items

		(a) Pro rata share items		(b) Federal amount	(c) Adjustment	(d) Amount under Wis. law
1	Ordinary business income (loss)		.
2	. . . . .Net rental real estate income (loss) (attach Form 8825)		.
3	. . . . . . . . . . .Other net rental income (loss) (attach schedule)		.
4	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Interest income		.
5	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Ordinary dividends		.
6	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Royalties		.
7	. . . . . . . . . . . . . . . . . . . . . . .Net short-term capital gain (loss)		.
8	. . . . . . . . . . . . . . . . . . . . . . . .Net long-term capital gain (loss)		.
9	. . . . . . . . . . .Net section 1231 gain (loss) (attach Form 4797)		.
10	. . . . . . . . . . . . . . . . . . .Other income (loss) (attach schedule)		.
11	. . . . . . . . . . . . . . .Section 179 deduction (attach Form 4562)		.
12	a	. . . . . . . . . . . . . . . .Contributions	.
	b	. . . . . . . . . . . . . . . .Investment interest expense	.
	c	Section 59(e)(2) expenditures (1) Type
		(2) Amount	.
	d	. . . . . . . . . . . . . . . .Other deductions (attach schedule) . . .	.
13	a	Manufacturing investment credit - from carryover at shareholder level
	b	. . . . . . . . . . . . . . . . . . . . . . . . . . . . .Manufacturing investment credit - from carryover at entity level
	c	. . . . . . . . . . . . . .Dairy and livestock farm investment credit	. .	. . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .
	d	. . .Health Insurance Risk-Sharing Plan assessments credit	. .	. . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .
	e	. . . . . . . . . . . . . . . .Ethanol and biodiesel fuel pump credit.	. .	. . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .
	f	. . . . . . . . . . . . . . . .Development zones credit	. .	. . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .
	g	. . . . . . . . .Development opportunity zone investment credit	. .	. . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .
	h	. . . . . . . . . . . .Development zone capital investment credit	. .	. . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .
	i	. . . . . . . . . . . . . . . .Economic development tax credit	. .	. . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .
	j	. . . . . . . . . . . . . . . .Technology zone credit	. .	. . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .
	k	. . . . . . . . . . . . . . . .Early stage seed investment credit. . . .	. .	. . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .
	l	. . . . .Supplement to federal historic rehabilitation tax credit	. .	. . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .
	. . . . . . . . . . . . . . . . . . . . . . . . . . .m Internet equipment credit		. .	. . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .
	n	. . . . . . . . . . .Dairy manufacturing facility investment credit	. .	. . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .
	o	. . . . . . . . . . . . . . . .Dairy cooperatives credit	. .	. . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .
	p	. . . . . . . . . . . . . .Meat processing facility investment credit	. .	. . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .
	q	. . . . . . . . . . . . . . . .Enterprise zone jobs credit	. .	. . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .
	r	. . . . . . . . . . . . . . . .Film production services credit	. .	. . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .
	s	. . . . . . . . . . . . .Film production company investment credit	. .	. . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .
	t	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Food processing plant and food warehouse investment credit
	u	. . . . . . . . . . . . . . . .Jobs tax credit	. .	. . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .
	v	. . . . . . . . . . . . . . . .Postsecondary education credit	. .	. . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .
	w	. . . . . . . .Woody biomass harvesting and processing credit	. .	. . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .
	x	. . . . . . . . . . . . . . . .Water consumption credit	. .	. . . . . . . . . . . . . . . .	. . . . . . . . . . . . . .
	yy Tax paid to other states (enter postal abbreviation of state)		(1)		. . . . . . . . . . . . . .
			(1)
			(2)		. . . . . . . . . . . . . .
			(3)		. . . . . . . . . . . . . .
	zz Wisconsin tax withheld (do not include tax properly claimed on page 1, line 15)				. . . . . . . . . . . . . .
14	a	. . . . . . . . . . . . . . . .Name of country or U.S. possession . .	.
	b	. . . . . . . . . . . . . . . .Gross income from all sources	.
	c	. . . . . . . . . . . . .Gross income sourced at shareholder level	.

2010 Form 5S			Page 4 of 4
(a) Pro rata share items	(b) Federal amount	(c) Adjustment	(d) Amount under Wis. law

Transactions

Foreign

Alternative	Minimum (AMT) Items
	Tax

Other

Foreign gross income sourced at corporate level:

dPassive category . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

eGeneral category . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

fOther (attach statement). . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Deductions allocated and apportioned at shareholder level:

gInterest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

hOther. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Deductions allocated and apportioned at corporate level to foreign source income:

iPassive category . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

jGeneral category . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

kOther (attach statement). . . . . . . . . . . . . . . . . . . . . . . . . . . . .

		Other information:
	l	Total foreign taxes (check one):	Paid		Accrued . . . .
	m Reduction in taxes for credit (attach statement)				. . . . . . . . . .
	n	Other foreign tax information (attach statement)			. . . . . . . . . .
15	a	Post-1986 depreciation adjustment	. . . . . .	. . . . . . . . . . . . . .
	b	Adjusted gain or loss		. . . . . . . . . . . . . .
	c	Depletion (other than oil and gas). .	. . . . . .	. . . . . . . . . . . . . .
	d	Oil, gas, and geothermal properties – gross income
	e	Oil, gas, and geothermal properties – deductions
	f	Other AMT items (attach schedule)	. . . . . .	. . . . . . . . . . . . . .
16	a	Tax-exempt interest income		. . . . . . . . . . . . . .
	b	Other tax-exempt income		. . . . . . . . . . . . . .
	c	Nondeductible expenses		. . . . . . . . . . . . . .
	d	Property distributions		. . . . . . . . . . . . . .
	e	Repayment of loans from shareholders
17	a	Investment income		. . . . . . . . . . . . . .
	b	Investment expenses		. . . . . . . . . . . . . .
	c	Dividend distributions paid from accumulated earnings and proits
	d	Other items and amounts (attach schedule)
18	a	Related entity expense addback		. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
	b	Related entity expense allowable . .	. . . . . .	. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
19	Income/loss reconciliation (see instructions)
20	Gross income (before deducting expenses) from all activities

Schedule 5M – Analysis of Wisconsin Accumulated Adjustments Account and Other Adjustments Account

1 Balance at beginning of taxable year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2 Ordinary income from Schedule 5K, line 1, column d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3 Other additions (including separately stated items which increase income) (attach schedule) . . 4 Loss from Schedule 5K, line 1, column d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5 Other reductions (including separately stated items which reduce income) (attach schedule) . . .

6 Combine lines 1 through 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7 Distributions other than dividend distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8 Subtract line 7 from line 6. This is balance at end of taxable year . . . . . . . . . . . . . . . . . . . . .

(a)Accumulated (b) Other Adjustments

	Adjustments Account		Account

()

(	)	(	)

Click for Wisconsin 5S

Form Specifications

Fact	Detail
Name of Form	Form 5S Wisconsin Tax-Option (S) Corporation Franchise or Income Tax Return
Tax Year	2010
Ink Requirement	Complete form using BLACK INK
Due Date	15th day of the 3rd month following the close of the taxable year
Governing Law	Wisconsin State Law
Submission Instructions	Do not staple or bind the documents; submit with a copy of the federal Form 1120S if not filing electronically

Detailed Instructions for Using Wisconsin 5S

Once the Wisconsin 5S form for Tax-Option (S) Corporation Franchise or Income Tax Return is completed, the corporation moves onto the next critical phase of its tax cycle. This involves awaiting any communications from the Wisconsin Department of Revenue regarding the submission, which may include requests for additional information or clarification. The corporation then needs to prepare for any payment obligations or anticipate refunds, as dictated by the finalized tax return calculations. It is also a time to ensure compliance with any changes or updates in legislation for future tax periods, and to plan accordingly for the next tax year to optimize tax positions and ensure compliance.

Begin with ensuring that you have the correct tax year's version of Form 5S.
Fill in the required sections concerning the tax year, including the start and end dates, using the format MM DD CC YY.
Provide the Corporation Name, along with the Number and Street, Suite Number if applicable, City, State, and ZIP (+ 4-digit suffix if known).
Enter the Federal Employer ID Number in section A.
Identify your Business Activity Code (NAICS) in section B.
Fill in the State of Incorporation and Year under section C. If incorporated in a foreign country, note that accordingly.
Check the applicable box in section D if you're filing C an amended return, first return, or noting a special filing situation such as dissolution, stock change, or S corporation election termination.
If the filing is under extension, note the extended due date in section E.
In section F, if no business was transacted in Wisconsin, attach a complete copy of your federal return.
For corporations filing Form 1CNS for nonresident shareholders, check section G.
Note the effective date of the Wisconsin tax-option corporation election in section H.
State the total number of shareholders and the number of nonresident shareholders in sections I and J respectively.
If required to file Schedule RT due to related entity expenses, mark section K.
Proceed to Input Financial Figures in sections L1, M1, L2, M2, and all pertinent amounts through the form.
Follow specific instructions for computations such as apportionment percentages, tax calculations, credit applications, and deductions.
Ensure all required schedules such as the Schedule Q, Schedule S, and any additional schedules for deductions, credits, or other income are complete.
Provide a contact person, phone number, and information concerning where business records are kept under the Additional Information Required section.
Answer all questions regarding ownership of QSubs or LLCs, payment of use tax, and IRS adjustments.
List locations of Wisconsin operations.
Sign and date the form, ensuring an officer of the corporation duly authorizes it. If prepared by someone else, the preparer must also sign and provide their ID number.
Attach a copy of the federal Form 1120S and mail your return to the indicated address if not filing electronically.

Completing the Wisconsin 5S form requires careful attention to detail and adherence to specified instructions. Ensure accuracy and completeness to fulfill your tax obligations and support a smooth processing of your return by the Wisconsin Department of Revenue.

Listed Questions and Answers

What is the Form 5S used for?

The Form 5S is a tax document for Wisconsin Tax-Option (S) Corporations to file their franchise or income tax returns. It's used by corporations that have elected to be treated as an S corporation for tax purposes, allowing the corporation's income or losses to be passed through to the shareholders, who then report it on their personal tax returns.

When is Form 5S due?

This form is due on the 15th day of the third month following the close of the taxable year. For most S corporations, operating on a calendar year, the due date would be March 15 of the following year.

Which corporations need to file Form 5S?

Any corporation that has elected S corporation status for federal tax purposes and is operating in Wisconsin must file Form 5S. This requirement also includes S corporations that may not have conducted any business in Wisconsin during the taxable year but are registered or otherwise required to file in the state.

What if no business was transacted in Wisconsin during the taxable year?

In such cases, the corporation should still file Form 5S but must attach a complete copy of their federal return. This enables the Wisconsin Department of Revenue to verify that no Wisconsin-related income needs to be reported or taxed.

Are extensions available for filing Form 5S?

Yes, corporations can request an extension of time to file their Wisconsin income tax return. If granted, they should indicate the extended due date on Form 5S when filed. However, it's important to note that an extension to file is not an extension to pay any taxes due.

What attachments are required with Form 5S?

Depending on the corporation’s activities throughout the tax year, various attachments may be required. Common attachments include a completed Schedule RT for related entity expenses, documentation for any credits claimed, and a copy of the corporation's federal tax return. Specific situations, such as filing an amended return or claiming certain credits, may necessitate additional documentation.

How do nonresident shareholders affect the filing of Form 5S?

For S corporations with nonresident shareholders, Wisconsin requires the filing of Form 1CNS or equivalent, to ensure appropriate tax withholding and reporting for income attributable to Wisconsin. The total tax withheld for nonresident shareholders should be included and reported on Form 5S.

Where should Form 5S be filed and any payment sent?

If not filing electronically, the completed Form 5S and any payment due should be mailed to the Wisconsin Department of Revenue. The specific mailing address is provided on the form, ensuring it reaches the correct office for processing.

Common mistakes

Filling out tax forms accurately is crucial to comply with state regulations and avoid potential fines. When it comes to the Wisconsin 5S Form, several common mistakes have been observed that can lead to complications or delays in processing. Here is a closer look at these errors:

Not using black ink can lead to issues with machine readability, causing delays.
Often overlooked, the requirement not to staple or bind the documents can lead to processing issues if not followed.
Incorrect calculation of the Wisconsin apportionment percentage from Form 4A-1 or Form 4A-2, which is a vital figure for determining tax due.
Entering negative numbers incorrectly. It’s specifically stated to use a dash (e.g., -1000) instead of parentheses (e.g., (1000)), but this instruction is frequently missed.
Missing to check the correct boxes for amended return, first return, or short period due to change in accounting method, purchase, sale, dissolution, withdrawal, and termination of S corporation status - this can lead to incorrect processing of the form.
Forgetting to attach a complete copy of the federal return if no business was transacted in Wisconsin, which is a requirement for the completion of the form.
Failing to provide a detailed explanation when checking any of the applicable boxes that require additional information (e.g., explanation of amended return or reason for short period).
Omitting contact information for further queries or audit purposes can result in administrative delays.
Incorrectly reporting recycling surcharge or additional tax on certain built-in gains can lead to miscalculated tax obligations.

Addressing these mistakes beforehand can streamline the process, ensuring compliance and avoiding possible penalties. It’s important that taxpayers pay careful attention to the detailed instructions provided for the Form 5S to mitigate any errors. Consulting with a tax professional or utilizing available resources from the Wisconsin Department of Revenue website may also be beneficial in clarifying any ambiguities and ensuring the accuracy of filed returns.

Remember, while some mistakes might seem trivial, they can lead to unnecessary delays or scrutiny. It's always better to double-check all entries and attached documentation before submission to ensure a smooth processing experience.

Documents used along the form

Filing a Wisconsin 5S Form, which is essential for Tax-Option (S) Corporations to report franchise or income tax, often requires additional documentation. Understanding these supplementary forms ensures thorough and accurate reporting, aiding both compliance and financial planning for businesses operating within the state. The following documents are commonly used alongside the primary form.

Federal Form 1120S: This serves as the U.S. Income Tax Return for an S Corporation. It is a mandatory attachment, providing a detailed account of the corporation's financial activities on a federal level, which Wisconsin uses for reference and verification.
Form 4A-1 or Form 4A-2: These forms detail the apportionment method used by corporations. Form 4A-1 is for single-factor apportionment, while Form 4A-2 is for multi-factor apportionment, necessary for calculating the Wisconsin apportionment percentage.
Schedule K-1 (Form 1120S): This schedule reports the shareholder's share of the corporation's income, deductions, credits, etc. It must match the information presented in Form 5S to ensure that income distributed to shareholders is accurately reported.
Schedule MS: This is required if claiming the Manufacturer's Sales Tax Credit. It documents the eligible sales tax paid on purchases for manufacturing property, which can reduce the tax liability.
Schedule RT: Required for corporations with related entity expenses. This schedule reconciles expenses and transactions between the tax-option (S) corporation and its related entities to meet Wisconsin's tax compliance requirements.
Form 4U: Used for calculating interest, penalties, and late fees if applicable. This form helps ensure that corporations account for any additional amounts due to late filing or underpayment of estimated taxes.

These forms together provide a comprehensive financial outline of the corporation's activities within the state of Wisconsin, ensuring that tax obligations are met accurately and in full. Accurate and timely filing, supported by the correct documentation, helps corporations avoid penalties and maintain a good standing in the state's business environment.

Similar forms

The U.S. Federal Form 1120S, used by S corporations for their annual tax returns, shares several similarities with the Wisconsin 5S form. Both forms require detailed financial information about the corporation's income, deductions, credits, and shareholders. They also include schedules for calculating taxes on net recognized built-in gains, reporting nonresident shareholders' income, and detailing other specific financial activities. Both forms serve a similar purpose for their respective tax authorities, asking for comprehensive financial data to accurately assess tax liability.

California's Form 100S, designed for S corporations filing within the state, mirrors the purpose and structure of Wisconsin's 5S form. Like the 5S, it includes sections on income, deductions, credits, and shareholder information. Both forms accommodate adjustments related to state-specific tax provisions and require detailed reporting of the corporation's financial activities throughout the fiscal year. These similarities stem from the need to align with federal S corporation reporting requirements while adapting to state-level tax codes.

New York's CT-3-S form for S corporation franchise tax returns shares several features with the Wisconsin 5S form. Both require detailed income reporting, calculation of applicable taxes, and allocation of income and deductions to shareholders. Additionally, they accommodate various tax credits unique to their state and require information on nonresident shareholders. Each form is tailored to capture the intricacies of the state's tax law as it applies to S corporations.

Pennsylvania's PA-20S/PA-65 form, which must be filed by S corporations operating within the state, has similarities with the Wisconsin 5S form in its structure and the information it collects. Both forms demand comprehensive financial details, including income, losses, deductions, and credits. They also have sections dedicated to nonresident shareholder income and specific state tax credits, demonstrating the blend of federal regulations with state-specific tax requirements.

Illinois' Form IL-1120-ST, designed for S corporation income and replacement tax return, closely resembles the Wisconsin 5S form in purpose and content. They both require detailed accounting of the corporation's income, deductions, and tax credits while also addressing the distribution of income to shareholders and the allocation of nonresident income. These forms reflect the adherence to both federal S corporation standards and the individual tax nuances of their respective states.

Michigan's Form 4891, the Corporate Income Tax Annual Return, though not exclusively for S corporations, contains sections that are similar to those found in Wisconsin's help taxpayers accurately report their corporate income and taxes due, taking into consideration various deductions and credits specific to their state regulations.

Ohio's IT 1140 form, intended for pass-through entities such as S corporations, shares objectives with the 5S form. Both forms manage the intricacies of allocating income to residents and nonresidents, showcasing a complex understanding of how state residency affects tax liability. Through detailed financial and shareholder information, they ensure equitable tax treatment for all shareholders.

Minnesota's M8 form for S corporations follows the same rationale as Wisconsin's 5S in capturing state-specific data on income, deductions, and tax credits alongside federal conformity issues. Both states' forms address the dual need to comply with federal S corporation rules while navigating the unique aspects of state tax codes. This duality ensures that S corporations are taxed fairly according to both federal and state guidelines.

Oregon's Form OR-20-S, for state S corporation tax returns, like the Wisconsin 5S form, demands comprehensive financial data, including income, deductions, and credits, tailored to the state's tax schemes. Both forms cater to the unique requirements of S corporations in their respective states, requiring detailed reporting to calculate tax liability accurately.

Colorado's Form 112, the S Corporation Income Tax Return, parallels the Wisconsin 5S form in structure and intent. Both forms facilitate the detailed reporting of income, deductions, and credits specific to S corporations, alongside shareholder distribution and nonresident income allocations. They exemplify the balancing act of adhering to federal guidelines while tailoring requirements to state tax laws.

Dos and Don'ts

When completing the Wisconsin 5S Form, it’s important to pay attention to details to ensure accuracy and compliance. Below is a list of dos and don’ts:

Do complete the form using black ink to ensure legibility and avoid processing delays.
Do include the corporation name and accurate contact information, including the suite number if applicable, to avoid any confusion.
Do check the appropriate boxes for the type of return you are filing, such as an amended return or short period return, and attach any required explanations.
Do enter the Federal Employer ID Number accurately to avoid mix-ups with other filings.
Do attach a copy of your federal return if no business was transacted in Wisconsin during the taxable year, as it can speed up the processing of your form.
Do not staple or bind the form, as this can cause damage to the document and delay processing.
Do not use commas or cents in the financial figures to keep the formatting consistent with the form's requirements.
Do not leave the Wisconsin apportionment percentage fields blank if it applies to your corporation, as this is a required field.
Do not forget to sign and date the form, as an unsigned form is considered incomplete and will not be processed.

Following these guidelines will help ensure that your Wisconsin 5S Form is filled out accurately and processed efficiently.

Misconceptions

Understanding the Form 5S for Wisconsin Tax-Option (S) Corporations involves navigating through some common misconceptions that often confuse taxpayers and advisors alike. Here’s a clarification of ten such misunderstandings:

Only Wisconsin income needs to be reported: All income, including that from outside Wisconsin, should be reported on Form 5S. The allocation and apportionment sections allow for the proper calculation of Wisconsin taxable income.
Negative numbers should be bracketed: On Form 5S, negative numbers should be denoted with a dash in front (e.g., -1000) rather than being enclosed in parentheses or brackets.
Estimates are acceptable for final numbers: The Wisconsin Department of Revenue requires accurate, not estimated, figures. While reasonable estimates are allowed in certain situations during the year, the final numbers must be actual and precise.
All S corporations pay the same tax rate: Although S corporations themselves do not pay income tax at the corporate level, the tax implications for shareholders can vary greatly due to the apportionment percentage and various credits and deductions.
Filing an amended return is unnecessary: If errors are discovered after the original filing, an amended return should be filed. This ensures that the corporation and its shareholders are taxed correctly.
No need to attach a federal return if no Wisconsin activity: Even if no business was conducted in Wisconsin, a complete copy of the federal return must be attached to Form 5S to provide a basis for many of the calculations and disclosures required by the state.
Shareholder numbers don't impact filing: The total number of shareholders and the number of nonresident shareholders must be reported and can affect filing requirements, such as needing to file Form 1CNS for nonresident shareholders.
All corporations must pay the recycling surcharge: Only those corporations meeting certain income thresholds are subject to the Wisconsin recycling surcharge, which is calculated based on net income and apportioned to Wisconsin.
Checking the box for a Schedule Q or S is enough: Merely indicating on the main form that you are subject to additional taxes or surcharges is not sufficient. The schedules must be completed in detail and included with the return.
The form is only for reporting income: In addition to income, Form 5S is used to report a wide range of information, including credits, deductions, taxes paid to other states, and non-income based taxes and fees.

Correctly understanding and addressing these misconceptions when completing the Wisconsin 5S form can help ensure compliance and potentially save tax dollars through proper application of credits, deductions, and tax reporting strategies.

Key takeaways

Filling out the Wisconsin 5S form, designated for tax-option (S) corporations, requires attention to detail and understanding of the specificities involved to ensure accuracy and compliance with the state's tax regulations. Here are key takeaways to guide you through the process:

Use black ink when completing the form to ensure the information is legible and can be processed accurately.
It is important to not staple or bind the documents, to facilitate handling by the tax office.
Ensure the form is submitted by the due date, which is the 15th day of the 3rd month following the close of the taxable year, to avoid any penalties or charges.
For corporations engaging in business activities in Wisconsin, providing a complete copy of the federal return is crucial if no business was transacted within the state during the taxable year.
The form allows for various credits, such as the Manufacturer’s Sales Tax Credit and the Community Development Finance Credit, which can reduce the amount of tax payable.
Specific circumstances, such as filing for an amended return, a change in accounting method, or dissolution of the corporation, require appropriate checkboxes to be marked and may necessitate additional documentation.
Corporations are required to calculate and report additional taxes or surcharges such as the recycling surcharge, which depends on the net business income and the Wisconsin apportionment percentage.
If extensions were granted for filing, it's necessary to enter the extended due date on the form to inform the department of revenue of the adjusted timeline.
Accurate reporting of the number of shareholders, including nonresident shareholders, and detailing any ownership in QSubs or LLCs is mandatory and helps in determining the correct tax obligations.

By following these guidelines and taking care to provide detailed and accurate information, tax-option (S) corporations can successfully navigate the completion and submission of the Wisconsin 5S form.

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