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Some people who use screen readers deliberately disable announcing content that creates extra verbosity. Because of this, it is important to not abuse this technique and only apply it in situations where not knowing content has been struck out would adversely affect understanding.
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S corporations are corporations that elect to pass corporate income, losses, deductions, and credits 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 at the entity level. To qualify for S corporation status, the corporation must meet the following requirements:
In order to become an S corporation, the corporation must submit Form 2553, Election by a Small Business Corporation signed by all the shareholders. See the Instructions for Form 2553PDF for all required information and to determine where to file the form. Filing Requirements:Related TopicsPublicationsVideosPage Last Reviewed or Updated: 14-Oct-2022 |