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Filing to form S-Corp is gravely important for a company whose earnings and losses are divided among shareholders. If it is not filed the company will be required to pay federal income taxes on its profits while shareholders are also taxed on their profits. This is double taxation and is easily avoided by filing for S-Corp status. This refers to the Subchapter S of Chapter 1 of the internal revenue code.
Filing for S-Corp takes the responsibility of taxation off the company and makes it an individual matter for the shareholders. They must report losses and earning through the corporation on their own income tax returns and file accordingly. They would be required to do this regardless of the company's status, but in the case of S-Corp the company is not taxed itself.
There are several requirements that must be met to form S-Corp. It's imperative to review these matters to ensure you qualify before requesting a status change. If you are interested in filing for S-Corp status and would like more information regarding this matter try exploring the links to the left. You'll find several resources to help you change the status of your company.
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