Are you an S-Corp shareholder? Are you looking to start a new S-Corp or perhaps purchase one? If you answered yes to any of those questions take a few minutes to read this article to find out how the new Beneficial Ownership Information requirements will impact you. Big brother has always been watching but now he wants to zoom in a little bit closer. The U.S. government has made national security a priority and this includes fighting money...
How to Start an S Corp in New York
There are many advantages to starting an S Corp in New York with the main one being tax benefits. However, with that comes forms and requirements that you must meet to set your business up as an S Corp and to stay compliant. S Corp vs. Other Business Structures There are several considerations when choosing a business structure but most owners select the entity that will allow them to pay the least amount of federal or state income tax. A sole...
Moving Your S-Corp to Another State
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...
How to Get Your S-Corp Acceptance Letter from the IRS
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...
How to Take Money Out of an 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...
Does an S-Corp Get a 1099
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...