Florida S corporations are corporations that elect to pass corporate income, losses, deductions and credit through to their shareholders for federal tax purposes. Shareholders of S corporations report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates. This allows S corporations to avoid double taxation on the corporate income. S corporations are responsible for tax on certain built-in gains and passive income.
To qualify for S corporation status in Florida, the corporation must meet the following requirements:
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Be a domestic corporation
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Have only allowable shareholders
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including individuals, certain trust, and estates and
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may not include partnerships, corporations or non-resident alien shareholders
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Have no more than 100 shareholders
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Have one class of stock
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Not be an ineligible corporation i.e. certain financial institutions, insurance companies, and domestic international sales corporations.
In order to become an S corporation, the corporation must submit Form 2553 Election by a Small Business Corporation (PDF) signed by all the shareholders.
Federal Florida Sub S Filing Requirements:
| If you are an S corporation then you may be liable for… | Use Form… | Separate Instructions… |
|---|---|---|
| Income Tax | 1120S (PDF) 1120S Sch. K-1 (PDF) |
Instructions for Form 1120S (PDF) Instructions for Form 1120S Sch. K-1 (PDF) |
| Estimated tax | 1120-W (PDF) (corporation only) and 8109 | Instructions for Form 1120-W (PDF) |
Employment taxes:
|
941 (PDF) ( 943 (PDF) for farm employees) 940 (PDF) |
Instructions for Form 941 Employers QUARTERLY Federal Tax Return (PDF)
Instructions for Form 943 Employers Annual Federal Tax Return for Agricultural Employees (PDF) Instructions for Form 940 Employers Annual Federal Unemployment (FUTA) Tax Return (PDF) |
| Excise Taxes | Refer to the Excise Tax web page |
| If you are an S corporation shareholder then you may be liable for… |
Use Form… | Separate Instructions… |
|---|---|---|
| Income Tax | 1040 and Schedule E (PDF) | Instructions for Schedule E (Form 1040)Supplemental Income and Loss (PDF) |
| Estimated tax | 1040-ES (PDF) |
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