Kiritsis & Associates


3 Tax Differences between LLCs vs S Corps. . -- Kiritsis Law Firm Group 212 922 0005

Apr 27, 2021

Despite, their similarities, LLCs and S Corps, have some sharp tax treatment differences.

1. Different definition. An S Corp is basically a corporation for federal income tax purposes, which has met a set of requirements, making it eligible to receive S Corp tax treatment, which mirrors partnership taxation, and thus, it can largely enjoy the benefits of pass -through tax treatment. LLCs are not explicitly defined in federal tax laws, albeit, they are sometimes referred to as syndicates, which mean they can mold to adopt different tax frameworks.  The rules governing taxation of LLCs are scattered through the federal tax code.

2. LLCs are more flexible. Where’s, an S Corp is treated as basically a partnership with pass-through tax treatment; an LLC can be treated as basically a partnership (default status for LLCs with more than 1 owner) or elect to be essential a C Corp for federal tax purposes. Two important things worth noting. Single owner LLCs are treated as disregarded entities (default status) or elect essentially a C Corp treatment for federal tax purposes. Also, under a very unique set of circumstances, and upon filing certain paperwork, it may be possible for an LLC to be eligible for S Corp election.

3. Different tax reporting. As it should be easy to imagine an S Corp files Form 1120S at the entity wide tax reporting level; whereas, an LLC may depending on each case, file form 1120 or Form 1120S or Form 1065 or dump everything on Form 1040.


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