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S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income. S corporations are responsible for tax on certain built-in gains and passive income at the entity level.
Click here to access the free Home Office Analysis Spreadsheet To qualify for S corporation status, the corporation must meet the following requirements:
In order to become an S corporation, the corporation must submit Form 2553 Election by a Small Business Corporation signed by all the shareholders. See the Instructions for Form 2553 PDF for all required information and to determine where to file the form. Source: IRS.gov Follow this link to see the Filing Requirements chart
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AuthorElizia Meskill is licensed as an Enrolled Agent (EA). As an EA, Elizia specializes in taxation, with unlimited rights to represent taxpayers before the IRS. She currently runs her own firm with over 1,200 clients, she specializes in small businesses taxes and business entity planning & structure. ArchivesCategories
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