S Corporation Form Application Format
Description
How to fill out Small Business Startup Package For S-Corporation?
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FAQ
S Corp Incorporation: how to set up an S Corp in California? Step 1: Choose a Business Name. ... Step 2: Appoint Directors and a Registered Agent. ... Step 3: Draft Articles of Incorporation. ... Step 4: File. ... Step 5: Draft Bylaws. ... Step 6: Get S Corporation Status.
IRS Form 2553 (Election by a Small Business Corporation) is the form that a corporation (or other entity eligible to be treated as a corporation) files to be treated as an S corporation for federal tax purposes. Must have no more than 100 shareholders (or LLC members).
C corporations use Form 1120 to calculate their taxes due. S corporations use Form 1120S as an information return. S corporations must also prepare a form 10 K-1 for each shareholder to include with their individual returns.
The difference is that Form 1120 is used by C corps (which are liable for corporate federal taxes), while Form 1120-S is used exclusively by S corps. In contrast to C corps, S corps are exempt from corporate federal taxes due to income, credits, deductions, and losses being passed through to shareholders.
Here is a brief overview of the tax forms a typical S corporation needs to file with the IRS. Form 2553 ? S Corporation Election. ... Form 1120S ? S Corporation Tax Return. ... Schedule B ? Other Return Information. ... Schedule K ? Summary of Shareholder Information. ... Schedule K-1 ? Individual Shareholder Information.