If your business was formed after 1996, and is one of the following, then it is taxed as a corporation:
- A business formed under federal or state law that refers as a corporation or a joint-stock company
- An insurance company
- Certain banks
- A business wholly owned by a state or local government
- A business required by the Internal Revenue Code to be taxed as a corporation
- Certain foreign businesses
- Any other business that elects to be taxed as a corporation by filing Form 8832.