S corp gets its name from Subchapter S of the Internal Revenue Code, under which it has elected to be taxed. Taxes The key characteristic of a corporation filed under Subchapter S: It may pass business income, losses, deductions, and credits directly to shareholders, without paying any federal...
The definition of an S corporation is either a general corporation or a close corporation that has elected to be taxed pursuant to Subchapter S of the IRS code. To create an S-Corp you must first form one of the following: General Corporation: The most basic form of corporation, often ref...
Businesses track income and expenses for reporting to the Internal Revenue Service (IRS) on a 365-day basis. A fiscal year is an annual period that starts on one day and ends 364 days later.
S corporations (S corps) are one of the more common structural choices for corporate businesses in the United States. An S corporation is a closely held corporation that elects to be taxed under Subchapter S of the US Internal Revenue Code’s Chapter 1—which is where it derives its name....
Definition of Net Income Net income is the positive result of a company’s revenues and gains minus its expenses and losses. A negative result is referred to as net loss. (There are a few gains and losses which are not included in the calculation of net income. However, they are part ...
SSpades(playing cards) SSoldering SSparkasse(German: public savings bank) SEntropy(thermodynamics) SStarboard(nautical) SSubchapter S Corporation SSkype(voice-over-Internet service) SSecurity Prison(Cambodia; Khmer Rouge designation) SSerine(amino acid) ...
Describe the major taxation advantages of a limited liability company and a subchapter S corporation over a regular corporation. Describe the equity efficiency trade-off associated with the Hall-Rabushka flat-tax proposal. How would this t...
Answer to: A business organization that receives the limited liability of a corporation but is taxed as a proprietorship or partnership is called a...
such businesses are not subject to corporate income taxes, because both income and losses are allocated to the company's owners in proportion to their shares in the company. For a self-employed real estate agent, the advantages of setting up a Subchapter S corporation relate to tax and liabili...
and there is no limit on the number of members. S corporations (which is a corporation that has elected to be taxed as a pass-through entity under Subchapter S of the Internal Revenue Code) are much more restricted in who can be a shareholder, and there is a maximum limit on the numbe...