C to S with BIG Tax help

[cjs]

My 1120 Client elected 1120S and kept FYI 09-30, effective 100120. Client had WIP for residential homes being constructed. Does anyone have experience with both tax and financial statements treatment for the BIG Tax? When is the BIG Tax paid to IRS? When is the BIG Tax recorded on financial statements? A call for discussion will be fine with me. 910-293-3168 Johnson

[Snaggletooth]

My last experience with a S corp who does not have a calendar year: I think it is permitted, but the S Corp has to pay 3 months earnings as an advance on the next fiscal year. Effectively, the money paid brings the S corp to Dec 31, even though it has an earlier fiscal year.