Extract Data From Legal New York Startup For S-Corporation Forms For Free

A business can register as an "S corporation" for filing New York State taxes. The filing allows individual shareholders to report corporate income on their own tax returns. All shareholders must agree to file. Businesses must also be registered as a S corporation with the federal government.

How will I be notified that my corporation has successfully obtained subchapter S Status? After the Election by a Small Business Corporation (IRS Form 2553) has been filed with the IRS, you will receive a letter from the IRS indicating that your election has been accepted.

As long as you are listed as a qualified legal party with the authorization to do business on the corporation's behalf, you should be able to request the information. The IRS will mail a copy; you can request a faxed copy in addition to the mailed letter. You can't check S corp status online.

IT-203 (Fill-in) IT-203-I (Instructions) Nonresident and Part-Year Resident Income Tax Return; Description of Form IT-203. This is the only return for taxpayers who are nonresidents or part-year residents of New York State, whether they are itemizing their deductions or claiming the standard deduction.

I've heard it range from $45,000 to $70,000 in taxable income (your business's, not your own). Personally, I think if your business is making more than $60,000 in profit every year, then you should look into forming an S corp. Keep in mind that we're talking about taxable income, not gross revenue.

At the end of each year, all S corporation profits are allocated to the corporation's shareholders. Even if you and your fellow shareholders choose to leave some or all of the profits in the corporation, taking nothing as distributions or salaries, you will still be required to pay tax on those profits.