Corporations
In forming a corporation, prospective shareholders exchange money, property, or both, for the corporation’s capital stock. A corporation generally takes the same deductions as a sole proprietorship to figure its taxable income. A corporation can also take special deductions. For federal income tax purposes, a C corporation is recognized as a separate taxpaying entity. A corporation conducts business, realizes net income or loss, pays taxes and distributes profits to shareholders.
The profit of a corporation is taxed to the corporation when earned, and then is taxed to the shareholders when distributed as dividends. This creates a double tax. The corporation does not get a tax deduction when it distributes dividends to shareholders. Shareholders cannot deduct any loss of the corporation.
According to the IRS website you can review your current tax repayment plan:
Reviewing a Payment Plan
You can view details of your current payment plan (type of agreement, due dates, and amount you need to pay) by logging into the Online Payment Agreement tool using the Apply/Revise button below.
What You Can Change Using the Online Payment Agreement Tool
If your existing payment plan is not paid through a Direct Debit, you can use the Online Payment Agreement tool to make the following changes:
Change your monthly payment amount
Change your monthly payment due date
Convert an existing agreement to a Direct Debit agreement
Reinstate after default
You can log into the Online Payment Agreement tool using the Apply/Revise button below.
If your payment plan is paid through Direct Debit, you must contact us to make a change.
How To Revise an Online Payment Plan
Log in to the Online Payment Agreement tool using the Apply/Revise button below. On the first page, you can revise your current plan type, payment date, and amount. Then submit your changes.
If your new monthly payment amount does not meet the requirements, you will be prompted to revise the payment amount. If you are unable to make the minimum required payment amount, you will receive directions for completing a Form 433-F Collection Information Statement (PDF) and how to submit it.
If your plan has lapsed through default and is being reinstated, you may incur a reinstatement fee.
https://www.irs.gov/payments/online-payment-agreement-application