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Obtain S Corporation Status - Corporate Resolutions Forms

S Corporation Form In Pennsylvania

Q: Is a PA an S Corp?

If you&#039;re a physician assistant (PA), you SHOULD form a Professional Corporation taxed as an S-Corporation.

Category:

Corporations - Minutes and Resolutions - Actions

State:

Multi-State

Control #:

US-0046-CR

Format:

Instant download

Description

The S Corporation form in Pennsylvania is designed for corporations wishing to elect S Corporation status under both federal and state tax codes. This form allows corporations to be taxed as pass-through entities, helping owners avoid double taxation on corporate profits. It includes a resolution that authorizes corporate officers to file necessary documentation with the IRS and state taxing authorities. Users must complete this form by filling in specific details, such as the name of the corporation and dates, ensuring all corporate governance procedures are followed prior to submission. Legal professionals, including attorneys, partners, owners, associates, paralegals, and legal assistants, can efficiently utilize this form to facilitate the S Corporation election process. The form's clear structure and targeted instructions make it accessible for users with varying levels of legal expertise, promoting compliance with corporate tax regulations. It should be executed during a board meeting where the resolution is documented in official meeting minutes. The elected officers must sign the document to validate the resolutions adopted.

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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.

Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.

Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.

If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.

We protect your documents and personal data by following strict security and privacy standards.

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FAQ

Pennsylvania S corporations are subject to the corporate net income tax only to the extent of built-in-gains.

Filing as an S Corp in Pennsylvania Step 1: Choose a Business Name. Step 2: Appoint Directors and a Registered Agent. Step 3: File Articles of Organization. Step 4: Create an S Corp Operating Agreement. Step 5: Apply for an Employer Identification Number. Step 6: File Form 2553 for S Corporation Election.

A PTET election allows PTEs, which are not subject to the SALT cap, to deduct the state income taxes on the PTE's activities for federal income tax purposes. Pennsylvania is one of only five states, along with Delaware, Maine, North Dakota, and the District of Columbia, to have a PIT but no PTET election.

Businesses that elect federal subchapter S status are considered Pennsylvania S corporations, unless they opt to be taxed as a C corporation in Pennsylvania by filing the REV-976, Election Not to be Taxed as a Pennsylvania S Corporation PDF(opens in a new tab).

If you're a physician assistant (PA), you SHOULD form a Professional Corporation taxed as an S-Corporation.

If Built-In-Gains are triggered in any subsequent tax year, the PA S Corporation would have to file the RCT-101 to report the amount of gain subject to tax. Such return should be marked as both “First Report” and “Final Report”.

Extended Deadline with Pennsylvania Tax Extension: Pennsylvania offers a 60-day extension for corporations that don't have a valid Federal tax extension. If a corporation has a 6-month Federal extension and owes zero state tax, a Pennsylvania extension will automatically be granted for the same period of time.

Member Limited Liability Company (SMLLC) that files their business return for Federal purposes on their personal income tax return must file Pennsylvania RCT101 and include the following items (as outlined on page 1 of the booklet instructions):