Thinking of Getting Your LLC Taxed as an S Corporation? Here’s How to Stay Legal and Compliant
Business owners who run a Limited Liability Company (LLC) can reduce the tax they pay to the IRS by choosing to be treated as an S Corporation. Known as an “S Corporation Election,” this changes the tax status of your business. It makes you a different type of “tax entity” meaning you need to report on, file, and pay your taxes in a different way. We’ll explain the changes you need to make to stay compliant with IRS rules and the tax code, so you can avoid unpleasant penalties.