Form with which a corporation may resolve to alter its corporate status top that of a subchapter (S) corporation.
S Corporation Form In Pennsylvania
State:
Multi-State
Control #:
US-0046-CR
Format:
Word;
Rich Text
Instant download
Description
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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):
