Are you behind in Filing your S Corp Returns?
ATTENTION OWNERS OF S CORPORATIONS - YOU NEED TO PREPARE YOUR BUSINESS RETURNS BEFORE FILING YOUR INDIVIDUAL INCOME TAX RETURNS
(The profits or losses from your business must be reported on your personal tax returns.)
1800 Accountant can prepare all your S corporation returns.
1800Accountant can help you take Advantage of all the Tax Benefits S Corporation Status Offers.
Do you know that you will not receive a refund on personal tax returns that are over 3 years late?
The Basics - Information about S Corporations for New Business Owners
"S" Corporation is formed the same way a regular "C" Corporation is formed. A corporation is a legal entity created under the laws of a particular state. However an S" corporation is one in which an election has been made for tax purposes to be treated under Subchapter "S" of the Internal Revenue Code. The filing of an "S" election permits the corporation to avoid a double taxation of its income, bypassing the corporate tax level. Generally, Form 2553 must be filed with the IRS within 75 days of incorporating. State laws vary on the tax treatment of S corporations for state income tax purposes. Many states also require a separate form be filed with them to allow "S" status. Other states and cities, such as New York City, do not acknowledge "S" status.
A corporation is a legal entity created under the laws of a particular state. It is distinct from its owners, who are called shareholders and has its own legal existence.
In general, S corporations are treated as "pass-through" entities for income tax purposes. This means that the income or loss from the entity pass through to the owners and their allocable share is reported by S corporation shareholders on their individual tax returns. This "pass-through" process is the same for partnerships and LLC's. The S corporation files a return with the IRS, Form 1120S and generates a Form K-1 to each shareholder, which details the items of "pass-through" to the individuals Form 1040.
Not every corporation can qualify to be taxed as a subchapter S corporation. The IRS imposes a list of limitations and restrictions that the business and shareholders must meet and continue to comply with at all times.
180Accountant Staff and CPAs can help you determine if S Corporation status is the appropriate choice for your new business.
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