S Corporation Without Payroll In Arizona
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FAQ
Even if an S Corp has no income, it must file IRS Form 1120S annually to maintain compliance. Filing establishes a tax record, prevents IRS assumptions about tax liability, and avoids penalties. Business expenses can still be deducted, potentially resulting in a loss that carries forward.
How do I form an S corp in Arizona? First, you'll need to form an LLC or C corporation, if you haven't already done so. To elect S corp status, you need to file Form 2553, Election by a Small Business Corporation, with the IRS.
For Arizona income tax purposes, Arizona recognizes a corporation's federal subchapter S election and, to the extent that S corporation income is included in federal adjusted gross income, it will be included in Arizona gross income and subject to Arizona tax.
Every corporation subject to the Arizona Income Tax Act of 1978 must file an Arizona corporate income tax return. A limited liability company that makes a valid federal election to be taxed as a corporation must file an Arizona corporate income tax return.
You do not have to convert your LLC into a corporation. Instead, the LLC simply makes an election with the IRS to have the LLC taxed as an S corporation by having all members of the LLC sign an IRS Form 2553 and then file the signed Form 2553 with the IRS.
S Corporations and the Pass-Through Entity Election The Arizona Pass Through Entity (PTE) income tax is assessed at a rate of 2.5% of the income attributable to the S Corporation's resident shareholders and the income derived from sources within Arizona attributable to the nonresident shareholders.
