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US Tax Forms

What is an S corp - Overview, Taxes and How To File

Sanskriti SaxenaBy Sanskriti Saxena |Last Updated: January 3, 2026
What is an S corp - Overview, Taxes and How To File
    2. US Tax Forms
    3. What is an S corp - Overview, Taxes and How To File
    4. Reading Time: 11 mins
    Categories
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    Frequently Asked Questions

    No matter what your source of income is, we've got you covered. There’s a plan for everybody!

    An S Corporation Has Elected to Be Taxed Under the Internal Revenue Code Subchapter S. This Type of Business Allows the Business to Pass Its Income, Deductions, Credits, and Losses Directly to the Shareholders to Avoid Federal Corporate Taxes. This Also Helps in Eliminating Double Taxation.

    To attain an S Corp status, a business must:

    • Be incorporated in the United States. 
    • Have no more than 100 shareholders. 
    • Issues only one class stock and 
    • Have shareholders who are individuals, certain estates and trusts, or a qualifying tax-exempt organization.

    Once the Corporation Has Been Formed, the Business Must File Form 2553 With the Internal Revenue Service (Irs) to Elect S Corporation Status.

    S Corps Enjoy Pass-through Taxation, Meaning They Can Avoid Double Taxation, Which Occurs With C Corps, Which is Taxed at Both the Corporate and the Shareholder Levels. In S Corporations, Shareholders Report Their Individual Share of Income and Loss on Their Personal Tax Return and Then Pay the Corresponding Individual Tax Rates.

    Similar to a C corp and S corp, they also adhere to corporate formalities such as:

    • Having a board of directors. 
    • Formulating the corporate bylaws
    • Holding shareholder and director meetings, 
    • Maintaining the minutes of the meeting and issuing formal stock. 

    Some major challenges of an S Corporation include:

    • There are strict restrictions on the category and the number of shareholders. 
    • S corporations must fulfill the requirement to pay shareholders and employees a reasonable salary before distributing profits. 
    • The S corporation has an administrative burden of maintaining the corporate formalities. 
    • S Corporations also face the risk of IRS scrutiny if they have misreported the salary vs profit distribution.

    While Both of Them Are Pass-through Entities and Offer Limited Liability Protection, an Llc Offers Way More Flexibility With Respect to Ownership, Allocating Profits, and Management. S Corps Also Have Strict Terms Regarding Stockholders, Irs Compliance, and Stock Classes.

    It Varies, as Many States in the Usa Honor Federal S Corp Elections. However, Some States, Such as New York or California, Impose Entity-level Taxes, Including Franchise Taxes, or Require Separate State S Corporation Elections for the Pass-through Treatment.

    The S Corporation Files Form 1120-s, Then Issues Schedule K-1 to Every Shareholder of the Company. The Shareholders Then Report Their Share of Income, Deductions, and Credits on Their Individual Returns, Even if No Distribution is Made Here.