Annual S Corporation Filing Requirements

for all 50 States

If you currently are a freelancer, sole proprietor or independent contractor you very likely could see some great tax benefits by switching to an INC or LLC that files its taxes as an S-corp.

You will also get enhanced liability protection for your personal assets. The only bummer is keeping up with the annual S corporation filing requirements.

But in my opinion the tax and liability benefits are well worth it.

1) Annual Corporate Meetings and Minutes Most states require that corporations hold regular shareholder meetings and keep minutes of such meetings.

2) File Annual State and Federal Tax Returns

You would do this before you file your personal tax return, because the profits or loss from you business would flow through to your personal tax return via a K1.

State Tax Return

State tax returns and/or minimum entity taxes vary by state. Even states that have no personal income tax, may actually have corporate tax.

Investment learning takes time, and it requires a particular level of interest to get a sold understanding developed. There’s a lot that goes into creating a successful investor. If lack of time is an issue for you, then an advisor option can help solve that problem.

CPAs

I consider this list a great place to start, but because requirements can change over time, you should go to your state’s Secretary of State website to confirm the information.

3) Annual S Corp Filing Requirements and/or minimum business tax for each state

ALABAMA Annual S Corp Filing Requirements

Annual Report Frequency: Annually Due: Annual Year: April 15th

Minimum Business Tax, Franchise Tax or Privilege Tax Alabama business privilege tax is based on the net worth of the business entity and is levied on business entities. Schedule AL-CAR is filed with Business Privilege Tax Return is accepted in lieu of a separate Annual Report.

Initial Requirement Domestic (Alaskan) Entities are required to file within 6 months of creation. Due Date: Within 6 months of the date of formation.

ALASKA Annual S Corp Filing Requirements

Annual Report Frequency: Biennially Due Date: By January 2nd of the filing year.

Minimum Business Tax, Franchise Tax or Privilege Tax None that I could find

Initial Requirement The initial Statement of Information filing is due within 90 days of the entity formation date.

CALIFORNIA S Corporation Filing Requirements

Annual Statement of Information Frequency:Annually Due Date:During six-month period ending on the last day of the anniversary month of incorporation or qualification.

Minimum Business Tax, Franchise Tax or Privilege Tax The California Franchise Tax Board requires that all corporations registered in the State of California pay a franchise tax.

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Annual S Corporation Filing Requirements for all 50 State

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