S-s-s-s-smokin’!
Yet again, S corporations are the most popular corporate entity in the US, representing a whopping 61.9% of all corporate entities!
Nearly 3.3 million S corporation returns were filed for the tax year 2003, an increase of 5.9% from 2002. Total net income reported by S corporations increased to $213.7 billion for Tax Year 2003 from $183.5 billion reported for 2002; nearly 2/3 of all S corporations reported positive total net income.
And while total assets increased $169.9 billion, less than one quarter of 1.0 percent of all S corporations reported federal tax liability. That’s why, of course, S corporations are being targeted for audit…
