A type of corporation that chooses to be taxed under Subchapter S of the Internal Revenue Code is a S corporation, commonly referred to as a S corp. S corporations are therefore exempt from federal income tax. Instead, the shareholders are taxed at their individual tax rates on the income, credits, and deductions of the corporation.
The first step is to check with the secretary of state in the state where your S corp was incorporated. On the Secretary of State website, a search on your corporation’s name will typically yield information regarding its status.
2. Check with the IRS: You can also contact the Internal Revenue Service (IRS) to inquire about the status of your S corp. Call the IRS Business and Specialty Tax Line at 1-800-829-4933 to do this. Your corporation’s name, EIN, and other details will be required in order to confirm your identity.
3. Examine Your Annual Report: If your state mandates that S corporations file annual reports, you may typically find information regarding the status of your corporation in the report. The report normally contains details about the shareholders, directors, and officials of the corporation.
You must submit Form 2553, Election by a Small Business Corporation, to the IRS in order to get S corp status. Within two months and fifteen days of the start of the tax year in which the election is to be effective, this form must be submitted. The document must have the signatures of every shareholder as well as the name, address, and EIN of the corporation. Do I Have a S or C Corporation?
You can check with the IRS to see if your corporation is a S or C corporation. To find out how your corporation was taxed, call the IRS Business and Specialty Tax Line at 1-800-829-4933 or look up your tax filings.
You must get in touch with the Secretary of State in the state where your corporation was incorporated if you want a copy of your S corp. Typically, you can mail or online obtain a copy of the articles of incorporation or other documents for your corporation.
If S corps anticipate owing more than $1,000 in federal income tax for the year, they must pay quarterly anticipated taxes. On April 15, June 15, September 15, and January 15 of the following year, you must make your estimated tax payments.
In conclusion, it is critical to examine the status of your S corp in order to make sure that your company is in good standing and in compliance with all applicable state and federal laws. Don’t be afraid to contact the Secretary of State or the IRS for help if you need clarification on the status of your corporation or if you have any other related inquiries.