Should I Convert to an S Corporation?

With the new Corporate Income Tax going into effect January 1, 2012, some Michigan corporations have been contemplating converting to an S Corporation. Although S corporations will not be subject to the new 6% Corporate Income Tax, there are many issues a company would want to consider before electing the S corporation status. These issues will have an impact on both the corporation and individual shareholders. It’s important to have a thorough understanding of the tax impact of everyone involved. Click here for some examples to consider.