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Nampa Idaho Form 5500-EZ: What You Should Know

What is an S Corporation? Under Section 501(c) (3) of the Internal Revenue Code, a “S Corporation” is a legal entity that is organized so that all the business activities of which it is a member are conducted to include profit. The IRS has set forth the requirements that S Corporations must meet in order to be considered businesses for tax purposes, including the requirement that these businesses have profit-making objectives. A business is defined in Section 501(c)(3) of the Internal Revenue Code as an entity that earns any profit (determined without regard to sections 654a and (2)), including its individual members. The definition of “S Corporation” in the Internal Revenue Code requires that the entity have profit-making objectives. The IRS also requires the members or stockholders of the S Corporation to pay a substantial amount of their assets to the business. Section 1027 of the Corporations Code defines the term “substantial” to mean 25 percent or more of the entity's assets as of any one-year period. Section 1028 of the Corporations Code expands this definition and allows the determination of substantiality to a percentage of an entity's total assets which can include an entity's entire enterprise for tax purposes. An S Corporation's tax status also requires the use of the profit-making objective test as discussed above for the purposes of the 25 percent test for S Corporation income. The S corporation election in the Internal Revenue Code requires your participation in the investment of at least 51 percent of the entity's net income and that there must be substantial participation by the shareholders in the business. In order to make the election, you must meet all the following requirements: the corporation files Form 5500-EZ, the corporation has at least one (1) shareholder/stockholder, the corporation has made a substantial contribution to the S corporation (as prescribed under the Internal Revenue Code), and your name or business is identified on the business' corporate records. See  S Corporation Election — 2023 Form 8582A Who makes the 1099 reports? The 1099 reporting requirement is a requirement under Federal Income Code section 6039G to report on a self-employed individual's Form 1099 each quarter ending on the 10th day of the last quarter of the fiscal year. The required form 1099 for all taxpayers is the Forms 1099-MISC for Individuals and Businesses.

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