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S Corporations

Last updated Friday, February 12, 2021

 

An S corporation, also known as an S subchapter, refers to a type of corporation that meets specific Internal Revenue Code requirements. The requirements give a corporation with 100 shareholders or less the benefit of incorporation while being taxed as a partnership. The corporation may pass income directly to shareholders and avoid double taxation. S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes. S corporations are responsible for tax on certain built-in gains and passive income at the entity level.

 

The key feature that distinguishes an S corporation is the tax advantages it offers. It’s called an S corporation because it has elected to be taxed under Subchapter S of the Internal Revenue Code, making it a “pass-through” entity for tax purposes. Otherwise, it’s a for-profit corporation, incorporated under and governed by the same state corporation laws as a C corporation (or a corporation that was not eligible for S corporation tax status or whose shareholders chose not to elect that status). Requirements include being a domestic corporation, not having more than 100 shareholders, which includes only eligible shareholders, and having only one class of stock.

 

Corporation taxes filed under Subchapter S may pass business income, losses, deductions, and credits to shareholders. Shareholders report income and losses on individual tax returns, and pay taxes at ordinary tax rates. S corporations pay tax on specific built-in gains and passive income at the corporate level. S corporation shareholders must be individuals, specific trusts and estates, or certain tax-exempt organizations (501(c)(3)). Partnerships, corporations, and nonresident aliens do not qualify as shareholders. Specific financial institutions, insurance companies, and domestic international sales companies are also ineligible.

 

 

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Revised February 12, 2021 8:01 AM

 

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