Skip to content

S Corporation

The US government is announcing numerous endeavors to provide relief from the effects of the Coronavirus pandemic. As tax and business announcements become codified we will post them.<
 <
As part of our COVID-19 response, we are asking clients to submit tax information digitally, when possible, via our Document Access Portal, and are making extensive use video or telephone conferences in lue of appointments.<
 <
If you do not have a personal portal setup please use: Document Upload<

Below is a listing of our content based on your selected topic, click on the titles below for more information. If the term is unfamiliar, see the Term Glossary<.

Florida Corporate Filings Due

Clients must file their Florida Annual Reports after January 1st, and before May 1st. 

The Florida government's website is:  http://www.sunbiz.org<

Learn More...

Form 8752 Due

Fiscal Year End S Corporations and Partnerships need to file form 8752<.

Learn More...

Limited Liability Companies (LLCs)

Starting a new LLC or Limited Liability Company Shields

The decision to start your own business is a great step in life, and we are here to help. To be successful entrepreneurs need:

  • A great service or product to provide to the public
  • Guidance to find the intelligent way to structure the business

Poorly thought out business structures, often a Sole Proprietorship sometimes called a "Schedule C", can have taxes drain the life out of the core business, and expose the investors other assets to dangerous external liabilities. Fortunately, we have a tool that gives us great flexibility — the Limited Liability Company.

Learn More...

Quarterly Payroll Tax Return

Quarterly Form 941, and 940 for the annual report.

Learn More...

W2 Wages For S Corporation Officers

See: Wage Compensation for S Corporation Officers<

When corporate officers perform services for the corporation, and receive or are entitled to receive payments, their compensation is generally considered wages.  Subchapter S corporations should treat payments for services to officers as wages and not as distributions of cash and property or loans to shareholders… 

"Distributions and other payments by an S corporation to a corporate officer must be treated as wages to the extent the amounts are reasonable compensation for services rendered to the corporation."

As your accounting and tax consultants, we advise our S Corporations to pay a Reasonable Salary to its officers who work for the company.

Learn More...

What is a Form 8752 & Why Do I Need To File It?

"Form 8752 - Required Payment or Refund Under Section 7519" is certainly not the clearest form title.

Simply:

The IRS asks Fiscal Year, S Corporations, and Partnerships to file a Form 8752. The IRS then holds in an escrow-like account an estimate of you would have paid if you operated on a calendar year end. Essentially its like a security deposit that a landlord may require from a tenant.

However, since it is "in escrow" you receive a portion of the funds back if your profit decreases from year to year, and your receive the funds back in total if there is a tax loss or the business is dissolved. 

Learn More...
Syndicate content