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Our accountants are experienced with the nuances of bookkeeping and tax preparation for S Corporations.
Proper bookkeeping for your S Corporation means more money in your pocket at tax time guaranteed.
Everything you need to manage your books year round and file your taxes, for one low monthly fee.
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An S Corporation is formed the same way a regular C Corporation is, 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. Our accountants know that the key to keeping more of what you earn from your S Corporation each year starts with keeping proper records. Get started today and your tax preparation at the end of the year is on us.
An S corporation is an LLC or corporation 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. 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 LLCs. 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.