Question by supafly_fresh: Do S Corporations pay corporate income tax in Nassau County, NY?
I'm looking for the best location to form an S Corp, and within NYC they still have to pay the standard 8.85% corporate income tax. Anybody know:
a) If there's a corporate income tax in Nassau County?
b) How much it is?
and
c) Do S Corps have to pay this?
Muchos Gracias in advance.
Answer
Answer by Scott KUsually, S Corps are flow through entities. The income made is distributed in kind to the shareholders in proportion to their ownership. Other taxes; e.g., excise, sales, use, personal property, real property, ad nauseum, make no distinction about the type of entity. I don't know what the law is in New York, but I would think it would follow the same patterns. Some states and localities assess a flat fee, say $ 250 for a corporate tax, regardless of profitability or S Corp (or LLC) status.
Know better? Leave your own answer in the
No comments:
Post a Comment