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Gerri A Harrison CFP EA
Gerri A Harrison CFP EA, Enrolled Agent
Category: Tax
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Experience:  27 years of preparing income tax returns - both personal and small business
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I registered as an S-Corp recently and filed Articles of Incorporation

Resolved Question:

I registered as an S-Corp recently and filed Articles of Incorporation with The State of Florida. I am a licensed real estate agent and didn't note this on my articles of incorporation.

I didn't note I was a professional corp. with the state of florida.
1) I believe I need to file an amendment with Florida (purpose with which the corporation is organized is PROFESSIONAL CORPORATION)? is this correct
2) I flied as an S-Corp for my EIN and not real estate as my category. I expect to generate revenue from consulting also so just check other-consulting on the ss-4 form. Do I need to note somewhere on ss-4 I am a professional corporation because I am a Florida Real Estate Agent or just check the real estate box on the form?
Submitted: 4 years ago.
Category: Tax
Expert:  Gerri A Harrison CFP EA replied 4 years ago.

You only need to be registered as a professional corporation if you are a C corporation. As a PC you would be required to pay taxes at a rate of 35% regardless of level of income.

 

As an S corp the corporation does not pay any taxes. The income flows through to your personal return and you claim the income there.

 

Registering as a PC does not apply here since you are an S corp. If at some time you disengage the S corp election you will have registered as a PC, not as a straight C corp.

For now though, do nothing.

 

Hope this answers your question. If you still have a specific question, hit the need information button and ask. Otherwise hit the accept button to close out the question so that I can receive payment.

 

 



Edited by Gerri A Harrison CFP EA on 5/4/2010 at 10:03 PM EST
Gerri A Harrison CFP EA, Enrolled Agent
Category: Tax
Satisfied Customers: 252
Experience: 27 years of preparing income tax returns - both personal and small business
Gerri A Harrison CFP EA and 6 other Tax Specialists are ready to help you

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