S Corporation

Incorporating As An S Corp

S corporations are corporations that elect to pass corporate income, losses, deductions and credit through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income.

How To Qualify To Become An S Corporation?

incorporate as an s corporationTo qualify for S corporation status, your business must meet certain standards and qualifications. The CPAs at Acosta Tax & Advisory, PA, are happy to help you decide if this incorporation option is right for you. If you choose to be an S Corporation, you may need assistance filing the following forms:

  • IRS Audits or Examinations
  • Offer in Compromise (Fresh Start Program)
  • Form 2553 Election by a Small Business Corporation
  • Income Tax Forms (1120S or 1120S Schedule K-1)
  • Employment Tax Forms (941, 940, W2, W3, 1099/1096s, UCT6)
  • State of Florida Annuals Reports
  • Sales Tax Reports (if applicable)

Business CPA – S Corporation Services

When considering to incorporate as an S Corp, there might be a number of questions that might cross your mind such as, “what should my salary as an S Corp owner be?” and “what type of S corp tax deductions should I be aware of and take advantage of?”. These questions and more can be answered by our CPA at Acosta Tax & Advisory, PA.

We enjoy helping businesses start up and grow to their upmost potential, but every component takes proper planning and execution. If you are seriously considering forming an S Corporation – call our CPAs at 954-239-8365 to schedule your consultation and learn how we can best assist you; we have convenient offices in Miami, Pembroke Pines and Fort Lauderdale.