An S corporation, or S-corp, is a special designation carved out of the U.S. tax code for small businesses. Benefits include pass-through tax status, but it offers limited growth potential.

If you have formed a limited liability company that is being taxed as an S corporation, also called an S Corp, you will at some point need to become acquainted with form 1120-S. The IRS Form 1120 ...

S corporations have an advantage here, as they are taxed once. The corporate income, loss, credits, and deductions are “passed through” to shareholders for tax purposes. The shareholders then ...

An S corp meets IRS rules to be taxed under Chapter 1, Subchapter S of the Internal Revenue Code. Learn if an S corp is better for your needs than an LLC, and more.

What Are All the IRS Filings for an S Corp?. Small-business owners can get tax benefits and liability protection by incorporating as S corporations under Subchapter S of the Internal Revenue Code.

Comparing S Corp vs LLC, we discuss tax differences, ownership and management structure and which is right for you.

The American Institute of CPAs has written to the Internal Revenue Service asking the IRS to let small businesses electronically file the form used to elect S Corporation status.

If you file your S corporation income tax return late and no tax is due, an S corp late filing penalty is $195 per month or for any portion of a month the return is late multiplied by the number ...

The deadline for existing LLCs and C Corporations to elect S Corporation tax treatment for tax year 2022 was March 15. What happens if your business missed the S Corp deadline?

IRS Form 8832, "Entity Classification Election," is a form business owners use to tell the IRS how to classify a business for federal tax purposes.

The Internal Revenue Service has stepped up efforts to collect employment taxes from S corporation officers, but business owners are still getting away with avoiding billions of dollars in taxes.