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S Corp Election deadline 2023 Form: What You Should Know
The extension is limited to the original due date of the form unless the IRS is able to receive information that is not included in an original form. How to register your corporation You must register within two years of formation; otherwise you will need to register a year after you started running your business. However, if you use your own money that is not already in your business, you must register within two years of having started to run your business. When you register, pay an annual fee of 400, and have your name change. However, you do not have to do any other work to start. Register for an S corporation online. Also, register your corporation via filing (via Turbo Internet). About the IRS S corporation laws (15-APR-2018) The corporation is created when all the following apply: A business entity (the corporation) exists and is lawfully organized, or An initial stockholder of record (the “initial stockholder”) has the right to vote or direct the management of the corporation as its interests are best served by doing so. After all these requirements are met, the corporation is classified as an S corporation. The S corporation must file IRS Form 1120S (1120S Certification), Form 1120S (S Certification), or a combined form in order to register. The S corporation is created under the law under which it is organized. The initial stockholder has the right to vote or direct the management of the corporation, as its interests are best served by doing so. This is a simplified description of the general requirements a corporation must meet and be in compliance with, and do to remain an S corporation. For a more detailed explanation, contact your local tax authority. Filing and paying taxes at the federal level There are many more requirements the IRS wants to see that are unique to the S corporation, and must be met specifically when a corporation forms. Here are the specifics that are specific to an S corporation: Filing status with the IRS The S corporation must have a separate tax filing status than your personal income tax returns. If an individual applies for an S corporation, the business owner/taxpayer needs to file a separate tax return to be considered an S corporation; an individual cannot file an S tax return. As a corporation, the S corporation must file Form 1120S (the S corporation form), Form 1120S-EZ, or a combined form.
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