In this section, we’ll guide you through the intricacies of business taxes, offering insights, strategies, and expert advice to ensure your company remains tax-efficient and compliant. Whether you’re a seasoned entrepreneur, a small business owner, or just embarking on your entrepreneurial journey, understanding the nuances of business taxation is crucial. Join us as we demystify the world of corporate taxes and empower you to make informed financial decisions for the success of your business.
10
02, 2017
Understanding S Corporations
2017-02-10T19:08:33+00:00According to IRS statistics, about six million corporation returns are filed every year Of those returns about 70 percent of these are Forms 1120S, showing that an S corporation is the preferred choice among corporations.1 To qualify as an S corporation, a corporation must satisfy specific requirements and must file an election. It is not uncommon to find that a corporation has not filed its election. This was a common audit issue when I worked for the IRS many years ago. If a corporation hasn’t filed its S election, there can be undesirable income tax consequences. The corporation is treated as a C corporation, which [...]
