In this article, we will tell you all the news in relation to s corp Tax for 2020, whose deadline for filing is coming.
A complete guide so that you can advise your clients and carry out the presentation of this tax without errors. Do not forget that the presentation of the tax will be done obligatorily through the Internet, by filing forms. Hearing about s corp Tax is very common, but sometimes not everyone knows exactly what it is: a tribute provided by tax legislation to tax the income of legal persons. You can file s crop taxes online without any problem now.
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There is an extension of ERTEs, exemptions for companies, double presentation of s corp Tax. All the tax and labor news to face summer 2020 in this article.
In fact, the very law that regulates it qualifies it as a tax of a direct nature and personal nature that taxes the income of companies and other legal entities. Next, we will tell you the most important news related to s corp Tax (IS) in 2020, so that you can advise your clients in detail and without errors.
Everything you need to know about s corp Tax
Who is obliged to file the s corp Tax?
Taxpayers of the IS are legal persons residing throughout the Spanish territory , except for civil companies that have no commercial purpose, including , among other types, the following legal figures:
- Include this tax all regulated in our legal system.
- Civil companies with commercial purpose.
- Various types of non-profit entities (foundations, associations, etc.).
- Cooperative societies, made up of people who join together to carry out business activities.
What is taxed on s corp Tax?
The s crop Tax is a personal and direct tax that makes legal persons taxed on the income they obtain in a given year. You need to understand how to file s corp taxes there.
The accounting is the basis of taxation of corporate income tax and, therefore, that income is manifested basically in the accounting profit. However, additionally, a series of adjustments -positive and negative- provided for in the tax regulations are made to correct the result obtained and, finally, end up paying tax for what the legislator considers to be the income generated by the entity in the tax period.
Share and download! The guide on filing s crop Tax in 2020 (Fiscal Year 2019).
What tax rate do we apply?
To know the IS tax rate that we must apply in our case, we must consider the following options:
25% is the general rate
Reduced rates of 15% for entrepreneurs. Since 2015, the preferential rate applicable for two years to newly incorporated companies is 15%. For the application of this reduced rate, however, it will be a necessary requirement that the company is considered to be starting an economic activity. It will be applied in the first tax period in which the tax base is positive (and therefore obliges us to pay the IS) and in the next.