Get Ri 1120s

The State of Rhode Island, like almost every other state, has a corporation income tax. In Rhode Island, the corporate tax generally is a flat 7% of net income with a $400 minimum tax. Use the state's corporation income tax return (Form RI-1120C) to pay this tax.

A small business corporation having an election in effect under subchapter S of the Internal Revenue Code is required to file an annual tax return using Form RI-1120S and is subject to the income tax (minimum $400.00).

If you are a Rhode Island resident and you are required to file a federal return, you must also file a Rhode Island return. Even if you are not required to file a federal return, you may still have to file a Rhode Island return if your income exceeds the amount of your personal exemption.

Depending on your annual income, filing status, number of exemptions and other indicators, both Residents and Nonresidents may have a filing requirement. Every resident individual of Rhode Island who is required to file a federal income tax return must file a Rhode Island individual income tax return (RI-1040).

Partnerships, disregarded entities, and S corporations pay the minimum business corporation tax of $400. Regular corporations pay $400 or more, depending on their profits.

Rhode Island Corporate Income tax is assessed at the rate of 7% of Rhode Island taxable income.

How to Form an S Corp in Rhode Island Step 1: Choose a name. ... Step 2: Pick a registered agent. ... Step 3: Name directors or managers. ... Step 4: File RI Articles of Incorporation/Articles of Organization. ... Step 5: File Form 2553 to turn business into an S Corporation.

Rhode Island also has a flat 7.00 percent corporate income tax rate. Rhode Island has a 7.00 percent state sales tax rate and does not levy local sales taxes. Rhode Island's tax system ranks 42nd overall on our 2023 State Business Tax Climate Index.

Mail to RI Division of Taxation - One Capitol Hill - Providence, RI 02908 Due on or before the 15th day of the 3rd month following the close of the taxable year 21110399990101 Page 2 Name Federal employer identification number State of Rhode Island Division of Taxation 2021 RI-1120S Subchapter S Business Corporation ...