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ACSI Children’s Tuition Fund

ACSI Children’s Tuition Fund. Understanding the EITC Program from a Business Perspective. Understanding Business Entity Choices. C-Corporation S-Corporation Limited Liability Companies Partnerships Sole Proprietors. Taxes based on Entity Type.

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ACSI Children’s Tuition Fund

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  1. ACSI Children’sTuition Fund Understanding the EITC Program from a Business Perspective

  2. Understanding Business Entity Choices • C-Corporation • S-Corporation • Limited Liability Companies • Partnerships • Sole Proprietors

  3. Taxes based on Entity Type • The table below indicates which taxes are applicable by entity type.

  4. Other PA Business Taxes • In addition, specific types of businesses such as banks, insurance companies, savings and loans, etc. are subject to additional PA taxes that the EITC credit can be used against. • These taxes include: • Bank and Trust Company Shares Tax • Title Insurance Companies Shares Tax • Insurance Premiums Tax • Mutual Thrift Institutions Tax

  5. Sample PA Capital Stock Tax

  6. C vs. S Comparison Tax Calculation

  7. EITC Process • The Business makes application to DCED. • Business then receives a letter of approval from DCED for participation, detailing deadline for date of contribution and date of proof. • Business submits contribution to the ACSI CTF within sixty days of the date of the approval letter. • Acknowledgement of contribution is provided to business from ACSI CTF. • Business submits acknowledgement (proof) to DCED. • DCED communicates to PA Dept. of Revenue and applicable credit is applied to business tax account with notice provided to business. • Credit is applied as if paid at beginning of tax year. • Amount of credit is taken as a payment of taxes on businesses annual tax return filing.

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