Get 2005 Wisconsin Tax-Option (S) Corporation Taxes Form 5S ... - Revenue Wi

S-Corporations - Any extension allowed by the IRS for filing the federal return automatically extends the Wisconsin due date of Form 5S to 30 days after the federal extended due date of September 15. Additionally, the due date of Form 5S can be extended automatically without filing a federal extension.

S-Corporations - Any extension allowed by the IRS for filing the federal return automatically extends the Wisconsin due date of Form 5S to 30 days after the federal extended due date of September 15. Additionally, the due date of Form 5S can be extended automatically without filing a federal extension.

You are required to file a Wisconsin income tax return if your Wisconsin gross income is $2,000 or more. Gross income means income before deducting expenses. While net income reported to you may be less than $2,000, gross income may be over that amount, requiring that a Wisconsin income tax return be filed.

Every corporation organized under the laws of Wisconsin or licensed to do business in Wisconsin (except certain organizations exempt under secs. 71.26(1) or 71.45(1), Wis. Stats.) is required to file a Wisconsin corporate franchise or income tax return, regardless of whether or not business was transacted.

To form a Wisconsin S corp, you'll need to ensure your company has a Wisconsin formal business structure (LLC or corporation), and then you can elect S corp tax designation. If you've already formed an LLC or corporation, file Form 2553 with the Internal Revenue Service (IRS) to designate S corp taxation status.

Form 5S is the Wisconsin franchise or income tax return applicable to corporations that elect to be treated as tax-option (S) corporations for Wisconsin purposes.

Under Wisconsin law, a tax-option (S) corporation is one that is treated as an S corporation under the federal IRC, as amended to a specified date, and has not elected out of Wisconsin tax-option status.

Form 5s are the annual report of beneficial ownership. If an insider's transactions throughout the prior year do not meet the threshold for a Form 4 filing, they must file a Form 5 with their current holdings and other transactions that have occurred in the prior year.