S-Corp Tax Entity for Your Start Up or Small Business? Lean on the Experience of an Award Winning Pittsburgh CPA Firm

S Corporations permit shareholders to pay taxes on corporate net income personally, as if it were a partnership.

Closely held corporations may elect to be taxed as federal or state S corporations, which permit shareholders to pay taxes on corporate net income personally, as if it were a partnership. S corporation status is limited to corporations that have no more than 100 shareholders. A Pennsylvania corporation cannot elect to be an S corporation unless it has also applied for federal S status.

To apply for Pennsylvania S status, file with the Pennsylvania Department of Revenue within 75 days of the beginning of your fiscal year. When you receive a copy of your federal notification of approval from the IRS, you must furnish a copy to the Pennsylvania Department of Revenue. S corporations are responsible for filing and paying the Capital Stock and Foreign Franchise Tax.

Dennis Piper & Associates Provides Business Consulting for Start-Ups and Small to Medium Businesses

• Business Start-Up Consulting: Lean on our expertise as you chose your business entity, tax structure,and accounting & business management software.  We'll help you with everything to get you business up & operational
• Small - Medium Businesses: Have you outgrown your existing Accounting and Tax Service Provider?  We provide auditing services as well as complex tax & business consulting.

Understanding Business Tax Entities:

• C Corporation
• S Corporation
• Partnership
• Limited Liability Company
• Individual / Sole Proprietor