For Corporations
An S corporation is treated as a pass-through entity for tax purposes. If you do not make an S-corporation election, your corporation will be taxed as a C corporation. If you have questions about what tax classification is best for your business, you may want to consult with a tax professional.
For LLCs
Although most people choose to have their LLC taxed as a pass-through entity to avoid double taxation, an LLC may also be taxed as a C corporation or an S corporation. If a single-member LLC does not elect to be treated as a corporation, the LLC is taxed as a sole proprietorship and a separate LLC federal tax return not needed. Sole proprietorships include LLC income on the owner’s federal tax return.
For Nonprofit Corporations
Typically, nonprofits are taxed as corporations, unless the nonprofit receives 501(c)(3) status from the IRS.
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For additional assistance, please call our Business Support team toll-free at (888) 381-8758.