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COMBINED TAX RETURN FOR CORPORATIONS Multnomah County Business Income Tax City of Portland Business License Tax FORM SC2012 DUE DATE: 15th day of 4th month after taxable year-end (Calendar Year Filers:

How to fill out for s-corporations

How to fill out for s-corporations

1. Obtain an Employer Identification Number (EIN) from the IRS.
2. Choose a name for your S-Corporation and check its availability with the state authorities.
3. Prepare and file Articles of Incorporation with the appropriate state agency.
4. Create corporate bylaws that outline the rules and regulations of the company.
5. Hold an initial meeting of shareholders and directors to adopt the bylaws and elect officers.
6. Issue stock certificates to the initial shareholders.
7. Obtain any necessary licenses and permits for your specific industry.
8. File Form 2553 with the IRS to elect S-Corporation status for tax purposes.
9. Keep detailed records of all business transactions and maintain separate financial accounts.
10. File annual reports and pay any required taxes or fees to the state and federal government.
11. Comply with all ongoing legal and regulatory obligations for S-Corporations.

Who needs for s-corporations?

1. Small business owners who want limited liability protection for their personal assets.
2. Entrepreneurs looking for a flexible and tax-efficient business structure.
3. Companies with a reasonable expectation of generating profits and distributing them to shareholders.
4. Business owners who want to avoid self-employment taxes on their entire income.
5. Individuals who want to separate personal and business finances and maintain a corporate image.

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What is for s-corporations?

S-corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.

Who is required to file for s-corporations?

S-corporations are required to file Form 1120S, U.S. Income Tax Return for an S Corporation, annually.

How to fill out for s-corporations?

To fill out for s-corporations, shareholders must report their share of the corporation's income, deductions, and credits on their personal tax returns.

What is the purpose of for s-corporations?

The purpose of s-corporations is to avoid double taxation on corporate income by passing it through to shareholders.

What information must be reported on for s-corporations?

Information such as income, deductions, credits, and shareholder details must be reported on Form 1120S for s-corporations.