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A Nonresident withholding and Composite Income Tax Return is filed on form 740NP-WH (with copy A of PTE-WH completed for each partner, member, or shareholder) by the 15th day of the fourth month following the close of the tax year. The withholding rate is at the maximum rate provided in KRS 141.020 or KRS 141.040.
Most importantly, you must have no more than 100 shareholders to qualify as an S-corporation. You must also only have what the IRS defines as ?eligible shareholders,? meaning shareholders must be individuals, certain trusts or estates. Shareholders also must be U.S. citizens or legal residents.
Can I set up an S corp myself? While it is possible to file articles of incorporation and go through the S corporation election process alone, S corp requirements are both strict and complex. To ensure you're following the rules, we recommend consulting an attorney or tax professional.
Form 720EXT grants an automatic 6-month extension of time to file Form 720. Kentucky State General Business S Corporation tax extension Form 720EXT is due within 4 months and 15 days following the end of the corporation reporting period.
To amend your Kentucky Articles of Incorporation, submit the Articles of Amendment and an exact copy to the Kentucky Secretary of State (SOS). The form is in your online account when you sign up for registered agent service with Northwest. You can also find the form on the SOS website.
Is There a Minimum Salary for S Corp? No, there is not a minimum salary for S Corp. The IRS can't require a minimum salary for self-employed workers.
Note: The IRS won't object if your S Corp pays you nothing if your business is earning little to no income. However, when your S Corp starts making money, the first thing you need to do is pay yourself reasonable employee compensation. If there's money left over after that, you can pay yourself distributions.
Starting a Kentucky S Corporation: The Basics Step 1: Form a business entity. ... Step 2: Nominate a registered agent. ... Step 3: Get an Employer Identification Number (EIN). ... Step 4: Issue stocks and prepare initial documents. ... Step 5: Elect the Subchapter S Corporation.