Posted: 8/30/2007 6:32:05 PM EDT
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I just formed a S Corp and need to file the appropriate form with the IRS so I can do all the corp taxes on my individual tax return. What form do I need to file and how long do I have to file it? thanks 
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Eagle send me an email at [email protected] What form do you have? Texas Nexus? Franchise? PIR? Gimme a shout and I'll help you out. |
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actually, I just formed an S corp for nfa purchases and want to avoid having to file a separate tax return. I just need to know what form to file with the IRS. This will be for year end 2007. I just got notification from the TX secretary of state that my corp was OK'ed today. I am the only share holder. I want to pay taxes from the corp, if any are needing to be paid, on my individual return. I think I have to file something witht he IRS to be able to do that since the corp is new. |
You can't avoid filing a separate tax return for an s-corp. You'll have to file 1120-S and a K-1 for each shareholder. Whatever shows up on that K-1 goes on your personal return. The corporation doesn't pay a separate level of Federal tax. And... technically, you haven't created an s-corp until you file the S-election form (2553) with the IRS. |
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What he said. An S-corp is a passthrough entity. Tax liability is at the shareholder level through the K-1s. C-Corps are the ones paying federal income tax. The taxes you will be claiming a deduction for will be those paid on the transfer stamps. I can't think of any income you will have, so shouldn't be any income to pay tax on if it flows through anyway. |
Have you received the 2553 notice back from the IRS saying your application was accepted? |