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Q: Filing as a corporation for last year when you just incorporated ( Answered 4 out of 5 stars,   0 Comments )
Subject: Filing as a corporation for last year when you just incorporated
Category: Business and Money > Accounting
Asked by: easystorecreator-ga
List Price: $15.00
Posted: 09 Mar 2005 15:35 PST
Expires: 08 Apr 2005 16:35 PDT
Question ID: 490391
I just incorporated by business on January 1st, 2005 as an
S-Corporation.  I read somewhere online that you can still file as a
corporation for the previous year if you incorporate within the first
3 months of the new year.  I have not been able to find anything to
support this.  I would like any information that supports this and
possibly explains the rules, regulations, way to do it, etc.
Subject: Re: Filing as a corporation for last year when you just incorporated
Answered By: taxmama-ga on 14 Mar 2005 06:55 PST
Rated:4 out of 5 stars
Dear Easy,

The reason you couldn't find that information
anywhere is because it doesn't exist. 

You can file on January 1st and have it apply to the previous year.

What you probably read was that if you incorporate on Jan. 1, you
may think about whether or not you want to be an S-corporation 
until March 15th. Then, if you file the Form 2553 (and comparable
state form, if applicable), you will be an S-corp retroactively
to the beginning of the year.

Link to form:

No doubnt, that's the retroactive part that you read about.

Incidentally, you may think you're an S-Corp because you checked
the box on the SS-4 when you applied for your Federal Identification
Number. However, until you file that Form 2553, you're just a plain
old regular corporation. 

Remember, if you haven't filed that form, you have until untl
Tuesday to do it  - March 15th. 

Best wishes

Your TaxMama-ga

Request for Answer Clarification by easystorecreator-ga on 14 Mar 2005 07:32 PST
No, I have done the s corp filing and i realize that had to be done
right away but I read something in entrepreneur magazine a month or so
back that said if you file within the first 3 months of the year it
can apply to the previous year.  I could then find nothing to support
that statement anywhere.

You said above in the second paragraph:
You can file on January 1st and have it apply to the previous year.

Where you just restating my question there cause everything else you
said seemed to contradict that one line.

Clarification of Answer by taxmama-ga on 14 Mar 2005 08:12 PST
Hi Easy

Yes, I was just re-stating your question. Sorry.
I meant to bracket it. But I lost the page and 
had to come back when I opened the link to the 
Form 2553.

No, there's nothing in the IRS code to let you 
apply anything backwards like that. 

The only area the code lets you use anything
that happened in the current year as a deduction
in the previous year is when you're in a Presidentially
declared disaster area. Then you may deduct the current
year's losses on the previous year's tax return to get
the refund faster. 

But, sorry my friend, it just ain't so for corporations.
That may have been a misprint or something. 

Best wishes,

Your TaxMama-ga
easystorecreator-ga rated this answer:4 out of 5 stars

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