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Free Wisconsin 5S Form in PDF

The Wisconsin 5S form is designed for Tax-Option (S) Corporations to report their franchise or income tax return. This document is used by corporations operating in Wisconsin and outlines essential financial information for the tax year 2010 or for any taxable year beginning and ending in that period. The form requires detailed entries regarding the corporation's income, deductions, credits, and shareholders, ensuring compliance with state tax obligations.

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Content Overview

Every year, businesses operating within Wisconsin's borders navigate through tax obligations with due diligence, and one essential document in this journey for certain entities is the Form 5S - the Wisconsin Tax-Option (S) Corporation Franchise or Income Tax Return. Created specifically for S corporations, which are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes, this form plays a crucial role in meeting state tax requirements. Filing deadlines, set as the 15th day of the 3rd month following the close of the taxable year, frame a timeline for these entities to report their income, deductions, and taxes due or refunds owed. The form demands meticulous attention to detail, from stating the corporation's name and address to providing an extensive array of financial details encompassing federal employer ID numbers, business activity codes, amendments, and a litany of income and deduction specifics. Moreover, it calls for disclosures about shareholder details and requires a thorough calculation aimed at determining the net tax amount, taking into account various taxes, credits, and surcharges that might apply. Completing the Wisconsin 5S form is not just about compliance; it’s an exercise in transparency and precision, ensuring that tax-option corporations contribute fairly to state revenues while advocating for an equitable tax environment.

Sample - 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

()

(	)	(	)

↓ PDF

File Information

Fact	Detail
Governing Law	The form is governed by Wisconsin state law, particularly the regulations regarding the taxation of Tax-Option (S) Corporations.
Due Date	The return is due by the 15th day of the 3rd month following the close of the taxable year.
Required Information	It requires detailed financial information about the corporation, including federal employer ID number, state of incorporation, business activity code, total number of shareholders, and detailed income and deductions.
Specific Instructions for Certain Sections	The form includes specific instructions for reporting items such as amended returns, first returns, final returns, short period returns, extensions, and non-business transacted in Wisconsin, indicating a comprehensive approach to different filing scenarios.

Guidelines on Utilizing Wisconsin 5S

Filling out the Wisconsin 5S form, known as the Tax-Option (S) Corporation Franchise or Income Tax Return, is a critical step for S corporations operating in Wisconsin. This form helps in reporting the corporation's income, deductions, and taxes due. The process involves a careful entering of financial details, selecting relevant checkboxes based on the corporation's fiscal circumstances, and ensuring all calculations are accurate to comply with Wisconsin tax laws. Below is a step-by-step guide to help you navigate the form efficiently.

Start with the basic information at the top of the form by entering the taxable year beginning and ending dates using the MM DD CCYY format.
Complete the corporation's information section by providing the Corporation Name, Number and Street, Suite Number, City, State, and ZIP code.
Enter the Federal Employer ID Number in the designated space.
Select the appropriate checkbox (A-H) if applicable, such as for amended returns or if an extension of time to file has been granted, and attach any required explanations or documents.
Provide Business Activity (NAICS) Code, State of Incorporation, and Year in the respective fields.
If an extension of time to file was granted, fill in the extended due date.
Indicate if no business was transacted in Wisconsin by checking the box and attach a complete copy of the federal return.
Complete sections I to M2 with the required financial figures, ensuring to enter negative numbers properly and avoiding the use of commas and cents.
Calculate and enter values in lines 1 through 22, following instructions for determining amounts related to interest, apportionment percentages, taxes, credits, and deductions.
If there were payments for foreign transactions or additional taxes due on certain gains, complete Schedules Q and S accordingly.
Provide the contact information of the person to contact regarding the return, including phone and fax numbers.
Indicate the city and state where the corporation's books and records are located for audit purposes.
Answer questions about sole ownership of QSubs or LLCs, purchasing taxable property or services without payment of state sales or use tax, adjustments made by the IRS, and listing locations of Wisconsin operations.
Sign and date the form. If a preparer was used, ensure the preparer also signs and provides their Federal Employer ID Number.
Attach a copy of the federal Form 1120S and make a check payable to Wisconsin Department of Revenue, if not filing electronically. Mail your return to the provided address if applicable.

Following these detailed steps ensures that you provide all the necessary information required by the Wisconsin Department of Revenue for the tax year in question. Remember, accuracy and completeness are key in avoiding potential issues with your tax return. If you encounter complex financial situations, consider consulting with a tax professional to ensure compliance and accuracy in your filing.

Listed Questions and Answers

What is the Form 5S and who needs to file it?

The Form 5S is a tax document for Tax-Option (S) Corporations operating in Wisconsin. These corporations use this form to file their franchise or income tax returns. Any S Corporation that has gained income, made losses, or has been active in Wisconsin within the tax year must file Form 5S.

When is the Form 5S due?

The due date for filing Form 5S is the 15th day of the 3rd month following the close of the taxable year. For most S Corporations, this would typically mean March 15th of the following year, assuming a December 31st year-end.

Can you file an amended Form 5S?

Yes, S Corporations have the option to file an amended Form 5S. If corrections or changes need to be made to a previously filed return, the 'Amended return' box in section A should be checked, and the form should be completed with the corrected information.

What are short period returns? Are there different conditions for filing them?

Short period returns are filed when a corporation does not have a tax year of the usual 12 months. This might occur due to a change in accounting method, a stock purchase or sale, termination of the S corporation election, or the corporation starting or ceasing business partway through the year. When filing a short period return, the appropriate condition under section A should be checked.

What is the purpose of including the federal employer identification number on Form 5S?

The federal employer identification number (EIN) is included on Form 5S to identify the corporation's tax account. It's a unique number assigned by the IRS to corporations for taxation purposes, ensuring accurate processing and recording of the corporation’s tax filings.

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

If an S Corporation did not transact any business in Wisconsin during the taxable year, it must still file Form 5S but should attach a complete copy of its federal return. This informs the Wisconsin Department of Revenue of the corporation's inactivity in the state for that year.

What is a Schedule RT, and when should it be filed with Form 5S?

Schedule RT is required when an S Corporation has expenses related to transactions with related entities. If the corporation had such expenses, it must file Schedule RT along with Form 5S to provide detailed information about these transactions as part of its tax return.

How is the Wisconsin tax-option corporation election effective date relevant to Form 5S?

The effective date of the Wisconsin tax-option corporation (S Corporation) election is relevant because it determines the beginning of the corporation's obligation to file Form 5S. This date signifies when the corporation started being treated as an S Corporation for tax purposes in Wisconsin, influencing its tax liabilities and filing requirements.

Common mistakes

When businesses prepare to file the Form 5S, Wisconsin Tax-Option (S) Corporation Franchise or Income Tax Return, understanding the common pitfalls can save time and ensure accuracy. Here, we outline six frequent mistakes to avoid:

Using incorrect ink: The instructions specify to complete the form using BLACK INK. Overlooking this simple instruction can cause legibility issues or scanning errors during processing.
Inaccurate dates: It's vital to correctly fill in the dates for the taxable year beginning and ending. Mistakes here can lead to confusion regarding the applicable tax period, potentially affecting tax liabilities and deadlines.
Federal Employer ID Number errors: The Federal Employer ID Number (EIN) must be accurately reported. This number is crucial for identification purposes, and any discrepancy can lead to misidentification of the corporation with the IRS or state tax authorities.
Incorrectly entering negative numbers: The form clearly specifies that negative numbers should be entered with a minus sign (e.g., -1000) rather than in parentheses (e.g., (1000)). This distinction is important for accurate calculation of taxes owed or refunds due.
Failure to attach required schedules or documentation: If specific checkboxes such as "Amended return" or "Short period" are ticked, attaching an explanation or related schedules is mandatory. Overlooking these attachments can result in an incomplete return.
Overlooking special conditions: If the corporation did not transact business in Wisconsin during the taxable year or if adjusting for income apportionment, relevant sections of the form or additional documentation must be completed and attached. Ignoring these conditions may affect tax calculations and liabilities.

Avoiding these common mistakes can lead to a smoother filing process and avoid potential delays or issues with the Wisconsin Department of Revenue. It's always recommended to review the entire form and accompanying instructions carefully before submission to ensure compliance with all requirements.

Documents used along the form

When filing the Form 5S Wisconsin Tax-Option (S) Corporation Franchise or Income Tax Return, it's crucial to comply with all necessary documentation to ensure a complete and accurate submission. To streamline your tax filing process, here are several forms and documents commonly used in conjunction with Form 5S, each playing a vital role in various aspects of tax planning, reporting, and compliance for S corporations in Wisconsin.

Form 4A-1 or Form 4A-2: These forms are used to calculate the Wisconsin apportionment percentage for multi-state corporations, determining how much of their income is subject to Wisconsin state taxes.
Schedule RT: Required when there are related entity expenses needing disclosure, this schedule is essential for corporations with transactions involving related entities to report and deduct such expenses properly.
Schedule MS: This schedule is related to the Manufacturer’s Sales Tax Credit, allowing eligible corporations to claim credits for sales tax paid on certain manufacturing equipment and machinery.
Schedule Q: Applies to S corporations facing additional taxes on certain built-in gains, ensuring these gains are accurately reported and taxed accordingly in Wisconsin.
Schedule S: Specifically designed for the Recycling Surcharge, this schedule reports the surcharge imposed on corporations based on their gross receipts.
Form 4466W: Used for corporations expecting a refund due to overpaying their estimated tax, allowing them to apply for a quick refund before the actual filing of Form 5S.
Form 4U: This form is necessary for computing interest, penalties, and any late fees due in cases where payment was delayed or inaccuracies required correcting after the original submission.
Form 1120S: The U.S. Income Tax Return for an S Corporation, required as part of the documentation for Form 5S filing to report the federal income tax of the S corporation.

Accompanying these forms with the Form 5S filing ensures that the Wisconsin Department of Revenue receives a comprehensive view of an S corporation's tax responsibilities, credits, and deductions applicable within the state. These documents facilitate accurate tax reporting, help in resolving any discrepancies, and ensure that corporations take advantage of all available tax benefits and credits. Understanding the significance and requirements of each document can substantially ease the tax filing process for S corporations in Wisconsin.

Similar forms

The Form 1120S for the U.S. Income Tax Return for an S Corporation shares similarities with the Wisconsin 5S form in its fundamental purpose and structure. Both forms are designed for S corporations to report their income, deductions, and credits to the federal and state tax authorities, respectively. The 1120S requires S corporations to provide an overview of their financial activities, which mirrors the Wisconsin 5S's requirement for state-specific reporting, including income apportionment, tax calculations, and credits specific to Wisconsin.

Another comparable document is the Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Deductions, Credits, etc. This form is akin to portions of the Wisconsin 5 Activation, as both involve detailing the distributive share of incomes, losses, and credits to the shareholders. The Schedule K-1 is integral to ensuring transparent communication of financial information from the corporation to its individual shareholders for their personal tax filings, which is a theme that runs through the state-specific 5S form, focusing on the proportional interests of shareholders within Wisconsin.

The Form 1040, U.S. Individual Income Tax Return, connects to the information provided by the Wisconsin 5S through the necessity for shareholders to report and pay taxes on their share of the corporation's income. Although it is for individual filers, the information that flows from the 5S form—specifically the shareholders' allocated income, deductions, and credits—feeds directly into what will eventually be reported on an individual's 1040. This highlights the interdependency between corporate returns and the personal tax obligations of shareholders within the schematic of S corporation taxation.

Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, relates to the Wisconsin 5S through the provision of extensions. Both federal and state tax filings acknowledge circumstances where additional time is needed, granting corporations and individual taxpayers alike the mechanism to apply for extensions. On the 5S form, there's a specific section to indicate if an extension was granted, emphasizing the parallel process at both the federal level with Form 4868 and at the state level with the administrative options incorporated within the 5S form.

Lastly, the U.S. Form 990, Return of Organization Exempt From Income Tax, while primarily for nonprofit organizations, shares the conceptual framework with the Wisconsin 5S form in terms of reporting income, deductions, and understanding tax obligations. Even though the 990 services tax-exempt entities and the 5S is for S corporations subject to taxes, both forms play critical roles in maintaining transparency, adherence to tax laws, and ensuring the correct computation of taxes owed or refunds due. The emphasis on detailed financial reporting and the responsibility to both federal and state authorities echo across both documents, illustrating the universal facets of tax compliance.

Dos and Don'ts

Filling out the Wisconsin 5S form, an essential document for Tax-Option (S) Corporations filing their franchise or income tax returns, requires careful attention to detail and adherence to specific instructions. Below are guidelines to help ensure the process is completed correctly and efficiently.

Do:

Use black ink when completing the form to ensure legibility.
Clearly fill out the sections for the taxable year beginning and ending dates.
Verify and include the correct Federal Employer ID Number for identification.
Attach any required explanations for checked boxes in the applicable sections, such as amended returns or changes in accounting methods.
If granted an extension of time to file, accurately enter the extended due date.
Include a complete copy of the federal return if no business was transacted in Wisconsin during the taxable year.
Report Wisconsin apportionment percentages accurately, utilizing Form 4A-1 or Form 4A-2 as needed.
Ensure that negative numbers are entered correctly, using a minus sign before the number and without commas or cents.
Attach Schedule RT if required due to related entity expenses.
Review the entire form for accuracy and completeness before signing and dating it.

Don't:

Staple or bind the form, as this can make processing more difficult.
Use any writing color other than black ink, as other colors may not be clearly legible.
Forget to check applicable boxes for special conditions like amended returns or a short period due to stock sale or acquisition.
Omit the complete copy of the federal return if no business activity occurred within Wisconsin.
Fail to attach required schedules, such as Schedule RT for related entity expenses or Schedules Q and S for additional taxes and surcharges.
Enter negative numbers with parentheses or include commas and cents, as this goes against the specified format.
Make the check payable to an incorrect entity or omit accurate payment if owing tax.
Forget to provide contact information for the person responsible for the return, facilitating follow-up if necessary.
Leave out the statement of locations of Wisconsin operations if applicable.
Sign and date the form without ensuring all information is true, correct, and complete to the best of your knowledge and belief.

Misconceptions

When it comes to filing tax returns, especially for entities like S corporations in Wisconsin, understanding the nuances of required forms can be challenging. Specifically, the Form 5S, which S corporations must complete for their Wisconsin Tax-Option (S) Corporation Franchise or Income Tax Return, is surrounded by misconceptions. Clarifying these can aid corporations in completing their tax obligations accurately.

Misconception 1: Only Wisconsin-based income needs to be reported. Some believe that if an S corporation does not directly earn income in Wisconsin, it does not need to report or file Form 5S. However, all income, deductions, and credits that the S corporation reports on its federal tax return must be included, regardless of where the income was earned. Adjustments may then be made based on Wisconsin laws and apportionment formulas.
Misconception 2: All S corporations must pay the recycling surcharge. The recycling surcharge, as noted in Schedule S of Form 5S, is not universally applied to all entities. It's calculated based on the corporation's net tax payable and is capped. Corporations meeting specific criteria, such as having gross receipts under a certain threshold, may not be subject to this surcharge.
Misconception 3: The form doesn't need to be filed if there was no Wisconsin activity. Even if an S corporation had no business transactions or activity in Wisconsin for the tax year, it might still be required to file Form 5S, especially if it is registered to do business in the state or has Wisconsin shareholders. The key is whether there's a requirement to file a federal return; if so, Wisconsin's return may also be necessary with specific adjustments.
Misconception 4: Payment of tax is always required upon filing. While Form 5S does calculate income or franchise tax due, credits, deductions, and previous payments, such as estimated tax payments or withholding on behalf of nonresident shareholders, can reduce or eliminate the tax liability. In some cases, corporations may even qualify for refunds.
Misconception 5: Electronic filing is optional for all corporations. While smaller corporations may have the option to file paper returns, certain thresholds require electronic filing. The mandate to e-file provides efficiencies in processing and aligns with broader trends toward digital tax administration.
Misconception 6: Amendments can only be made within the same tax year. If errors are discovered or changes are necessary after the original filing, an amended return can and should be filed. The amended return allows corrections to previously submitted tax information and can affect the corporation's tax liability or refund for that year.

Understanding these nuances of the Wisconsin Form 5S can help S corporations fulfill their state tax obligations more accurately and efficiently. When in doubt, consulting with a tax professional familiar with Wisconsin's specific requirements can provide guidance tailored to an entity's unique situation.

Key takeaways

Filling out the Wisconsin 5S form, a Tax-Option (S) Corporation Franchise or Income Tax Return, requires careful attention to detail. Below are key takeaways to help navigate this process effectively:

The form is explicitly for the tax year 2010 or for any taxable year that begins and ends within that year, but the principles apply broadly to all years.
It must be completed using BLACK INK to ensure clarity and legibility, emphasizing the importance of the physical presentation of tax documents.
The due date falls on the 15th day of the 3rd month following the close of the taxable year, highlighting the need for timely submission to avoid penalties.
It is crucial to attach a complete copy of the federal return if no business was transacted in Wisconsin during the taxable year, demonstrating the interconnectedness of state and federal tax reporting.
If filing for a short period due to specific reasons such as change in accounting method, stock purchase or sale, termination of S corporation election, etc., it’s important to check the respective box and attach an explanation, indicating the tax return’s adaptability to unique corporate events.
Certain sections, like the Wisconsin apportionment percentage, require validation from other forms (Form 4A-1 or Form 4A-2), showcasing the necessity for comprehensive completion of interrelated tax documentation.
Companies with nonresident shareholders who have income distributable should be aware of the need to include a separate form (Form 1CNS) on behalf of those shareholders, ensuring compliance with state tax obligations for all parties.
The form allows S Corporations to claim various credits such as the Manufacturer’s Sales Tax Credit and others, promoting tax relief opportunities through detailed record-keeping and documentation.
Obligations like the recycling surcharge, additional tax on tax-option (S) corporations, endangered resources donation, and others, stress the diverse range of tax responsibilities Wisconsin S Corporations must navigate.

Overall, the Wisconsin 5S form encapsulates a breadth of tax considerations from basic reporting to detailed allocations for credits and other taxes. Companies are encouraged to thoroughly review their obligations under state law and seek guidance when necessary to ensure accurate and complete tax filings.

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