CALABASAS, Calif., March 14, 2012 /PRNewswire/ -- Calabasas-based company MyCorporation (http://mycorporation.com), an online leader in corporation and LLC formation nationwide, is reminding businesses that the deadline for filing S-corporation elections is Thursday March 15th.
As mentioned on the IRS official website, corporations that are not S-corporations but are electing to file for status for this tax year must submit IRS Form 2553, signed by all the shareholders. In order to qualify for S-corp status, the corporation must be a domestic corporation, have allowable shareholders that include individuals and certain trust and estates, no more than 100 shareholders that must all be U.S. citizens, and one class of stock.
S-corporations (beginning as C-corporations) are corporations that made a special election to be taxed in a certain way and must follow additional rules and restrictions on top of their corporate law requirements. With this election, the company is now taxed as a sole proprietor or partnership rather than as a separate entity. This means that corporate profits and losses are "passed-through" and reported on the personal income tax returns of the shareholders.
For those who miss the deadline, corporations may request an automatic 6 month extension using IRS Form 7004 with the extended deadline September 15th for corporate returns. You may also be taxed as C-corporation for the current tax year with your S-corporation election status effective the next tax year.
An online leader in offering "best in class" service and helping 23,000 businesses to incorporate yearly, MyCorporation is working with both new and familiar clients alike in helping the economy make a comeback in 2012.
Anyone who has a question in regards to last minute filings for S-corporations may contact the filing experts at MyCorporation's main office, open from 7 AM to 5 PM PDT for more information.
MyCorporation is an online corporation & LLC filing service focusing on small to mid-sized businesses. Founded in 1998, MyCorporation is a leader in online legal filings for entrepreneurs, providing corporate start-up bundles that include 50-state walk-in service for Articles of Incorporation filings, registered agent, DBA, Trademark & Copyright filing services. Incorporating or forming an LLC are important steps as businesses get started. Incorporating or forming an LLC provides for extensive tax savings, personal liability protection and a level of legitimacy not afforded sole proprietorships or partnerships. MyCorporation works with the Secretary of State and governmental agencies so business owners can focus on what they do best. MyCorporation is also a long-term partner for a business, as the company offers products that help customers protect and maintain the legitimacy of their businesses throughout the business lifecycle.
Contact: MyCorporation General Line
Phone: (818) 224-7639