Moving Your S-Corp to Another State

Posted by on Nov 17, 2023 in S-Corp | 0 comments

People move for better weather, economic opportunities, to be closer to extended family and even for tax incentives. If you own an S-Corporation, we will discuss how moving the business to another state can affect you. You have several options to consider when moving an S-Corporation to another state including: Setting up a new S-Corp in the new state and then merge the old S-Corp into the new one Keeping the current S-Corp and registering...

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How to Get Your S-Corp Acceptance Letter from the IRS

Posted by on Nov 8, 2023 in S-Corp, Small Business Tax |

Your S-Corp Request and Acceptance Letter An S-Corp has its advantages and disadvantages and these must be considered before you choose this tax status. It’s not automatic. Before you choose to go down this path you should know that in order to qualify as an S-Corp you first must meet the following requirements: Have no more than 100 shareholders Individuals who are shareholders must generally be U.S. citizens or U.S. residents (trusts and...

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How to Take Money Out of an S-Corp

Posted by on Nov 6, 2023 in S-Corp |

So you’ve set up your S-corp and now are at the point where you need to take money out. What’s the best way to do it? Will I have to pay tax on the money? These are all common questions for new S-Corp owners. We will go over the different payments and discuss the impact they can have on your taxes. Distributions S-Corporations are pass-through entities. This means that the income that the business makes will be passed on to the owners who then...

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Does an S-Corp Get a 1099

Posted by on Oct 22, 2023 in S-Corp |

Form 1099 is just one of several statements that are issued to report activity for the prior year. When are they due? Do I have to provide them to certain people? Does an S-Corp get a 1099? We’ll discuss these topics and more. If you are thinking about starting an S-Corp, or have business relationships with S-Corps, it is important that you understand the rules and potential reporting obligations.   Who Should Get a 1099 A “1099” is a...

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How to Revoke or Shut Down an S-Corp

Posted by on Oct 16, 2021 in S-Corp, Small Business Tax |

The S-Corp has been a popular entity choice for small business owners. However, there are instances where S-Corp shareholders may want to end their tax status. The S-Corp structure has several benefits including potential tax savings. It also comes with several rules which, if not followed, could lead to penalties, automatic revocation of the S-Corp status or both.  S-Corp Requirements Must be a U.S. corporation Must have no more than 100...

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How To Deduct Shareholder Health Insurance for an S-Corp

Posted by on Oct 11, 2021 in S-Corp, Small Business Tax |

Your health is your wealth so it’s no is surprise that most employers want to offer health insurance to their employees. However, for many S-Corp business owners the cost of insurance is too expensive to offer such a benefit. Health Insurance Important to Employees For some workers health insurance is nice to have but for others, particularly those who have to deal with chronic medical conditions, it’s literally a matter of life or death. A...

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