I have a new Client (Co. XZY) which has incurred in Start-up & Organization Costs in 2009. The business did not make a single Sale during the year because Service has not been offered to the public in 2009. There is only Capital Paid-in and Start-up Costs for the business in 2009. The company was formed as a C-Corp., and They will file as a 1120-S business, but the company was formed in July 2009 and Form 2553 (Election to be treated as a 1120-S ) was never filed. I need some help with three questions:
1) Under these circumstances, Does the Company have to file a return for 2009?
2) Since Form 2553 was not filed on time, How can we elect to file as a 1120-S
business in 2009 ?
3) Since the business did not have any Construction Service performed in 2009,
Does this situation determine if the company have to file or not a return according to
the IRS Reg. in year 2009?
Any serious imput with these questions will be highly appreciated....
1) Under these circumstances, Does the Company have to file a return for 2009?
2) Since Form 2553 was not filed on time, How can we elect to file as a 1120-S
business in 2009 ?
3) Since the business did not have any Construction Service performed in 2009,
Does this situation determine if the company have to file or not a return according to
the IRS Reg. in year 2009?
Any serious imput with these questions will be highly appreciated....