New election for S corp shareholders.(Brief article)Josephs, Stuart R
An S Corp is a type of business entity that allows owners or shareholders to avoid double taxation and enjoy limited liability. S Corp Expanded DefinitionBusinesses operate as specific entities. Each entity or type of business offers pros and cons based on the purpose and function of the ...
So, if it is November 2023, and you want to go back to January 1, 2023 for setting up S corp status, no problem. We prepare and file Form 2553 under IRS RevProc 2013-30, open payroll accounts in your home state (yup, payroll!), process a payroll event that encompasses the entire...
According to the IRS, a corporation or LLC must file an S-Corp election within 75 days of formation for the election to take effect in the first tax year. However, if you missed the deadline, we can still file the S-Corp election and get it approved. It’s what we do – more tha...
A corporation or LLC must file an S-Corp election within two months and 15 days (~75 days total) of the date of formation for the election to take effect in the first tax year.Example: Your articles of formation was filed on August 21st. Two months later is counted to the numerically...
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