Kiritsis & Associates
S Corp tax election provides a number of benefits; however, there are some downfalls to S Corp perspective, especially from a tax perspective.
1. Paying taxes at the exit door. S Corps may not be particularly hard to structure, but could create a situation of being impossible to leave an S Corp tax election, due to taxes that may be due to exit. A common example, are C Corps who elected S Corps, and have significantly appreciated assets, which could trigger taxes upon sale.
2. Paying taxes to enter. In certain situations, mostly involving poor planning, electing S Corp tax status could create a tax liability for its S Corp shareholders.
3. Paying taxes without getting cash. In a common departure from the deeply rooted tax principle of ability to pay, being a key factor of deterring the tax payment timing rules, lies in the areas of S Corp, LLC and partnership taxation.
Law Offices of Kiritsis & Associates
Phone # 212 922 0005
Manhattan Office (Main Office):
633 Third Avenue
New York, NY 10017
Brooklyn Office (By Appointment Only):
1023 74th Street
Brooklyn, NY 11228
New Jersey Office:
7309 Ventnor Avenue
Ventnor, NJ 08406
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