Preparing the S corporation’s tax returns (Form 1120S) Since the IRS is a huge organization, the right hand doesn’t always talk to the left hand. Shocking, we know. Additionally, the IRS is bound by regulation to process Form 2553s within 60 days. However, they don’t, and they ar...
An S Corp is a type of business entity that allows owners or shareholders to avoid double taxation and enjoy limited liability. Read the complete definition.
it doesn’t have a deadline, per se. You can file it at any point in the lifetime of an eligible business. Whether you’re operating a brand new small business or a business entity that’s been around for decades, you can still elect to change its entity classification. ...
Rev. Proc. 2022-19 may eliminate significant uncertainty for certain buyers, depending on their unique circumstances and the type of Subchapter S election issues involved in the transaction. For these taxpayers, Rev. Proc. 2022-19 may allow them to resolve Subchapter S election...