Blog

S Corporation

An alternative way for a corporation to be taxed. All corporations are initially filed as “C” corporations, and are subject to double taxation (corporate and personal level taxes). Choosing to file for “S” status (filing the 2553 form with the IRS) allows a corporation to avoid the double taxation. “S” corporations are subject to ownership restrictions and some corporations may not be eligible to file for “S status.

An alternative way for a corporation to be taxed. All corporations are initially filed as “C” corporations, and are subject to double taxation (corporate and personal level taxes). Choosing to file for “S” status (filing the 2553 form with the IRS) allows a corporation to avoid the double taxation. “S” corporations are subject to ownership restrictions and some corporations may not be eligible to file for “S status.