Corporate Taxation

Is a PC an S or C corporation? PCs are generally taxed like a C-Corporation, with the PC paying taxes at the corporate rate, which can lead to double taxation. PLLCs, on the other hand, are taxed like LLCs, which generally have pass-through taxation of the members. Read more on www.incorporate.com There are various corporations … Read more

What is the difference between S Corp and C Corp? The C corporation is the standard (or default) corporation under IRS rules. The S corporation is a corporation that has elected a special tax status with the IRS and therefore has some tax advantages. Both business structures get their names from the parts of the … Read more

What are the requirements of an S corp? What Is an S Corporation? Be domiciled in the United States. Have only allowable shareholders, which may include individuals, certain trusts, and estates, and cannot include partnerships, corporations, or non-resident alien shareholders. Have 100 or fewer shareholders. Have just one class of stock. Read more on www.investopedia.com … Read more

Does Pennsylvania recognize S corps? Pennsylvania recognizes the federal S election, and Pennsylvania S corporations are not required to pay corporate income tax to the state. Read more on www.nolo.com Pennsylvania recognizes a few alternatives for business entity formation, including corporations, partnerships, and LLCs. What about S corporations, though? The good news is that S … Read more

What is the difference between C corporation and S corporation on W9 form? The main difference between C and S corporations is the tax treatment. C corporations pay income tax on their corporate earnings, while (generally speaking) S corporation earnings “”pass-through”” to the shareholders and are taxed at the shareholder level. Read more on www.bankersonline.com … Read more

How often can you switch from S corp to C Corp? You can voluntarily change from an S corp to a C corp anytime you wish. If you want the change to take effect on the first day of your corporation’s taxable year, you must revoke your S corp election by the 15th day of … Read more

What is the difference between an S corporation and a C corporation? The C corporation is the standard (or default) corporation under IRS rules. The S corporation is a corporation that has elected a special tax status with the IRS and therefore has some tax advantages. C corporations are taxed under Subchapter C while S … Read more

What is the difference between a resident foreign corporation and non-resident foreign corporation? A foreign corporation doing business in the Philippines (for example, through a branch) is considered a resident foreign corporation. A non-resident foreign corporation refers to a foreign corporation not engaged in trade or business within the Philippines. Read more on practiceguides.chambers.com A … Read more

How do I know if I need to pay corporation tax? A company needs to pay corporation tax on the profits it makes from doing business (‘trading profits’), its investments, and selling assets for more than they cost (‘chargeable gains’ ? company assets include land and property, equipment and machinery, and company shares). Read more … Read more

How do I know if I have an S or C corp? Check with the IRS. Call the IRS Business Assistance Line at 800-829-4933. The IRS can review your business file to see if your company is a C corporation or S corporation based on any elections you may have made and the type of … Read more