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ABC Accounting Group
ABC Accounting Group, Financial Advisor
Category: Finance
Satisfied Customers: 712
Experience:  Accounting Manager
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I have a S corp domiciled in New York State. The business

Customer Question

Hi. I have a S corp domiciled in New York State. The business provides consulting engineering services. To date all of our work has been in New York State. I'm looking to expand into the states of Florida and Michigan. Would there be any tax advantages/ disadvantages to establishing new companies in Florida and Michigan, or would I be better off (tax-wise) having all of the business flowing through the NY business. Don't forget: The NY business is an S-corp, so all of the income pass through to my federal and state income taxes. Thanks.
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: No I think I summed up fairly well.
Submitted: 5 months ago.
Category: Finance
Expert:  ABC Accounting Group replied 5 months ago.
Hi. Great Question. You would have to register your company as a "foreign corporation" in those states. If you have employees in these states you will need an EIN.
Expert:  ABC Accounting Group replied 5 months ago.
Additionally, Florida has no income tax return.
Expert:  ABC Accounting Group replied 5 months ago.
If you sell in those states, you will have to register with the respective sales tax depts
Expert:  ABC Accounting Group replied 5 months ago.
Let me know if this helps or if you have any questions. Thank you.