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Did you know? S Corporations

Did you know? An eligible domestic corporation can avoid double taxation by electing to be treated as an S Corporation. Double Taxation to Corporations means once to the shareholders and again to the corporation. If you are a small business owner this is something that you may want to consider. There are several factors to consider before you can apply for an S Corp election.

To qualify for an S corporation status, the corporation must meet the following requirements:
  • Be a domestic corporation
  • Have only allowable shareholders
    • including individuals, certain trust, and estates and
    • may not include partnerships, corporations or non-resident alien shareholders

  • Have no more than 100 shareholders
  • Have one class of stock
  • Not be an ineligible corporation i.e. certain financial institutions, insurance companies, and domestic international sales corporations.



If your business decides to become an S Corp you will need to fill out Form 2553.You can learn more about the S Corp election process by visiting the IRS website by clicking the link below
S Corporations

Patrice L Stewart
"The Tax Daughter"
www.patricelstewart.com

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