S-corporation taxes An S corporation is a “pass-through” entity. This means profits and losses from the corporation are reported on the tax returns of individual shareholders. The shareholders are also responsible for paying the tax, rather than the corporation. The S corporation still must fi...
“eligible terminated S corporation” (ETSC) are taken into account ratably during the six tax years beginning with the year of the change (under previous law, most changes had to be accounted for within a one-year period). The proposed regulations’ “no newcomers rule” clarifies that an ...
The benefit of an S-corporation is that employees avoid double taxation. Whereas a traditional corporation pays both corporate taxes and income taxes on shareholder dividends, an S-corporation is taxed only once through the shareholders. However, S-corporations are responsible for certain gains and ...
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Start your online business today. For free.Start free trial Want to protect your personal assets and save on taxes? An S corporation (also shortened to S corp) lets you do both. This special tax status combines the legal protection of a traditional corporation with corporate tax savings—which...
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