S-corporations, sometime when you were setting up your business, you chose, or someone advised you to choose S-corporation as your business form. One advantage is they avoid the “double taxation” of the C-corporation; the government does not usually tax S-corporations. The S-corporation passes income through to you, a shareholder, and you pay the taxes [...] Read more »
Late Filing Fee For Partnership & S-Corporation Returns Soar
Starting in 2010 the late filing fee for Partnership returns (Form 1065) and for S-corporation returns (Form 1120S) is increasing. The previous monthly penalty was $89 per month (or part of a month) per shareholder or partner; it is now more than doubled to $195 per month per partner or [...] Read more »
S-Corp should not pay Shareholder taxes
S-corporations are pass through entities. That means income earned by the corporation is generally passed through to the individual shareholders in proportion to their number of shares of stock; such income is usually not taxed at the S-corporation level. Of course employee shareholders should pay themselves a reasonable wage and [...] Read more »