Filing Requirements 23. Is an S corporation subject to the CIT?
Generally, no. The corporate income tax is levied and imposed only on a person that is required or has elected to file as a C corporation, or is an insurance company, a financial institution, or a unitary business group. However, an S corporation will be subject to the CIT to the extent that it is a financial institution or insurance company.
An S corporation may be required to withhold on its shareholders.