S Corporation is a type of entity that elect to pass corporate income, losses, deductions and credits through to their shareholder for federal tax purposes. Shareholders report the flow-through of income and losses on their personal tax returns and are tax at their individual income tax rates. The S corporation is a reporting entity it does no pay taxes at the corporate level this allows the S corporation to avoid double taxation on its income.
There are requirements per the IRS to meet in order to incorporate an S corporation. The Tax Accountants at Fornaris & Ledesma Accounting & Tax Services Inc will help you decide if this corporation option is right for you.
S Corporation Questions
S Corporation questions which will be answered by our Tax Accountants:
- Registering the S corporation with the State of Florida
- Compensation to shareholders / employee in return for services
- Distribution to shareholders
- Shareholder Basic
If the S corporation option is right for you the following forms need to be completed and one of our
Tax Accountants will assist you.
- Form 2553 Election by a Small Business Corporation
- Income Tax Forms (1120S or 1120S Schedule K-1)
- Employment Tax Forms (941, 940, W2, W3, 1099/1096s, UCT6)
- State of Florida Annuals Reports
- Sales Tax Reports (if applicable)