INSTRUCTIONS: WISCONSIN TAX-OPTION (S) CORPORATION FRANCHISE OR INCOME TAX RETURN (Form 5S)

Wisconsin corporations which choose to be treated as tax-option (S) corporations file their franchise or income tax using a form 5S. Note that a number of additional forms and schedules must be submitted along with this form, all of which are listed in the instructions on the form. A separate instruction booklet is available in addition to this form on the website of the Wisconsin Department of Revenue.

Wisconsin Tax-Option (S) Corporation Franchise Or Income Tax Return 5S Step 1: If not filing on a calendar year basis, give the beginning and ending dates of your fiscal year period.

Wisconsin Tax-Option (S) Corporation Franchise Or Income Tax Return 5S Step 2: Give your corporation's name and address. Enter your identifying information on lines A and B. Give your state and date of incorporation on line C. Check all applicable statements about the nature of your return on lines D1 through D6 and next to all applicable statements on lines E through L2.

Wisconsin Tax-Option (S) Corporation Franchise Or Income Tax Return 5S Step 3: Lines 1 through 4 provide instructions for the calculation of gross tax owed.

Wisconsin Tax-Option (S) Corporation Franchise Or Income Tax Return 5S Step 4: Lines 5 through 8 provide instructions for the calculation of net tax owed.

Wisconsin Tax-Option (S) Corporation Franchise Or Income Tax Return 5S Step 5: Schedule Q on the second page must be completed to fill in line 9. Schedule S must be completed to fill in line 10. Lines 11 through 21 provide additional instructions to calculate your adjusted tax owed.

Wisconsin Tax-Option (S) Corporation Franchise Or Income Tax Return 5S Step 6: Lines 22 through 24 apply to those who have overpaid their taxes and are entitled to a refund.

Wisconsin Tax-Option (S) Corporation Franchise Or Income Tax Return 5S Step 7: Lines 25 through 27 concern gross receipts from all activities, total company assets and the total amount paid to shareholders during a taxable year.

Wisconsin Tax-Option (S) Corporation Franchise Or Income Tax Return 5S Step 8: Provide all additional information requested on the second page.

Wisconsin Tax-Option (S) Corporation Franchise Or Income Tax Return 5S Step 9: Schedule 5K on the third and fourth pages requires you to detail shareholders' items. Schedule 5M is only for businesses with state accumulated adjustments accounts.