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Incorporating as an S Corp

S corporations are corporations that elect to pass corporate income, losses, deductions and credit through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income.

How to qualify to become an S Corporation

To qualify for S corporation status, your business must meet certain standards and qualifications. The CPAs at My CPA, PA, are happy to help you decide if this incorporation option is right for you.

If you choose to be an S Corporation, you may need assistance filing the following forms:

  •  IRS audits or examinations
  •  Offer in Compromise (Fresh Start Program)
  •  Form 2553 Election by a small business corporation
  •  Income tax forms (1120S or 1120S Schedule K-1)
  •  Employment tax forms (941, 940, W2, W3, 1099/1096s, UCT6)
  •  State of Florida annuals reports
  •  Sales tax reports (if applicable)

Business CPA – S Corporation Services

When considering to incorporate as an S Corp, there might be a number of questions that might cross your mind such as, “what should my salary of an S Corp owner be?” and “what type of S corp tax deductions should I be aware of and take advantage of?”. These questions and more can be answered by our CPA at My CPA, PA.

We enjoy helping businesses start up and grow to their upmost potential, but every component takes proper planning and execution. If you are seriously considering forming an S Corporation – call our CPAs at 954-239-8365 to schedule your consultation and learn how we can best assist you; we have convenient offices in Miami, Pembroke Pines and Fort Lauderdale.

We always recommend our clients seek legal counsel with an attorney for any legal questions they may have regarding incorporation.