Tax Forms
Before a corporation could open up a corporate account, they must first secure an Employer Identification Number (EIN), which is the corporate equivalent of an individual’s Social Security Number. This can be accomplished by filing an IRS Form SS-4.
IRS Form 2553
If your board came upon a resolution to register your business as a S-Corporation, you must file a IRS Form 2553 from the IRS within seventy-days of incorporation.
State Tax Forms
In most states, there would almost always be a state corporate income tax. Although in some states S-Corporations are given state corporate tax exemptions, but you would need to fill up a form from the IRS stating that you are accorded such an exemption.
If your business is involved in renting goods or services at retail, depending on what state your business is registered in, you may need to collect state sale and use taxes. You would need to register and pay a registration fee if this is the case. Some states would even require you to post a bond to cover for the taxes that you will be collecting. There would even be other taxes that your state would require from your company.
IRS Form 2553
If your board came upon a resolution to register your business as a S-Corporation, you must file a IRS Form 2553 from the IRS within seventy-days of incorporation.
State Tax Forms
In most states, there would almost always be a state corporate income tax. Although in some states S-Corporations are given state corporate tax exemptions, but you would need to fill up a form from the IRS stating that you are accorded such an exemption.
If your business is involved in renting goods or services at retail, depending on what state your business is registered in, you may need to collect state sale and use taxes. You would need to register and pay a registration fee if this is the case. Some states would even require you to post a bond to cover for the taxes that you will be collecting. There would even be other taxes that your state would require from your company.
