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    5 Tax Benefits for LLCs Electing S Corp Status. . --  Kiritsis Law Firm Group 212 922 0005

    LLCs electing S Corps status have to go through a regulatory minefield, but if successful, a number of tax benefits can be in the horizon.

    1. Lower self-employment taxes. Although, LLCs are thought of being scalable, meaning they are designed to change and adapt to the needs of a growing business, one of the areas, where an S Corp may provide more fertile ground for self-employment taxes.

    2. Separate tax return. The LLC, especially a single member LLC taxed as disregarded entity  wants to benefit from separate tax reporting filings, such as Form 1120S, but does not want (at least yet), elect C Corp tax treatment which file Form 1120.

    3. Reduce tax audit risk. Generally, if properly structured and accurately reported, an S Corp could potentially be significantly less likely to be subjected to a tax audit.

    4. Work around certain bankruptcy-related tax issues. Getting bankruptcy relief often requires a business to file past unfiled tax returns. It may be easier to basically, reverse engineer, and recreate certain bookkeeping reports by having the business be an S Corp rather than LLC, in certain situations.

    5. Resolve certain divorce-related tax issues. In many divorce situations, such as,  the two spouses still want to operate a business together, but want a lot of formalities, so that it does not create a further adversely and business dispute among the parties.

     

    Law Offices of Kiritsis & Associates 

    Phone # 212 922 0005

    Manhattan Office (Main Office):

    633 Third Avenue

    New York, NY 10017

    Suite 1306

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    Brooklyn, NY 11228

    1st Floor

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    Ventnor, NJ 08406

    2nd Floor

     

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    We hope you would find this website useful with regards to finding potentially relevant information for your legal issue.   The Law Offices of Kiritsis & Associates PLLC is a boutique law Firm Group headquartered in Midtown Manhattan, with offices in Manhattan, Brooklyn (NY) and New Jersey.  We strive to provide professional legal services for individuals and various business entities.  Our clientele ranges from including aspiring entrepreneurs, startups to established business organizations.

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    Phone# 212-922-0005


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