Corporation Tax

C-Corp. Tax
S-Corp. Tax
Partnership Tax
LLCs Tax
State & Local Tax
Tax Credit Incentives

S-corp. Tax

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.

To qualify for S corporation status, the corporation must meet the following requirements:

• Be a domestic corporation
• Have only allowable shareholders
• i) including individuals, certain trusts, and estates and
• ii) may not include partnerships, corporations or non-resident alien shareholders
• Have no more than 100 shareholders
• Have only one class of stock
• Not be an ineligible corporation (i.e. certain financial institutions, insurance companies, and domestic international sales corporations).

S corporation must file its income tax return by the 15th day of the 3rd month after the end of its tax year. S corporation may file the Form 7004 with the IRS by the regular due date of the return to request a 6-month extension of time to file.