Draw On Legal Colorado Startup For S-Corporation Forms For Free

File the form to apply for S corp election The IRS requires that you complete and file your Form 2553: Within 75 days of the formation of your LLC or C corporation, or no more than 75 days after the beginning of the tax year in which the election is to take effect.

An S corporation is a corporation for which a valid election is in effect under section 1363(a) of the Internal Revenue Code. If a corporation is an S corporation for federal income tax purposes it is an S corporation for Colorado income tax purposes. S corporations are not subject to Colorado income tax.

Nonresident Definition However, the person may have temporarily worked in Colorado and/or received income from a source in Colorado. A nonresident is required to file a Colorado income tax return if they: are required to file a federal income tax return, and. had taxable Colorado-sourced income.

The penalty is the greater of $5 or 5% of the additional tax due for the first month of delinquency and 0.5% for each additional month up to a maximum of 12%. Line 23 Interest is due on any unpaid tax balance paid after the due date.

Any partnership or S corporation must file a DR 0106 for any year it is doing business in Colorado. A partnership or S corporation is doing business in Colorado whenever it meets the criteria set forth in Rule 39-22-301(1).

Be at least 18 years of age on or before December 31, 2021; Be a Colorado resident for the entire 2021 income tax year; And file a state income tax return for the 2021 income tax year (or on extension by October 17, 2022) or apply for a Property Tax/Rent/Heat Credit (PTC) Rebate.