Filing as a corporation for last year when you just incorporated
Category: Business and Money > Accounting
Asked by: easystorecreator-ga
List Price: $15.00
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.
Re: Filing as a corporation for last year when you just incorporated
Answered By: taxmama-ga on 14 Mar 2005 06:55 PST
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: http://www.irs.gov/pub/irs-pdf/f2553.pdf 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
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