Reg Corp for NJ/Sub Ch S for IRS

[tonya030]

I fouled up. First time problem to deal with.

Last year I had filed 2553 to file as sub ch S corp for Federal which was approved.
I neglected to file 2553NJ and client recieved letter from state to file 2553nj.
I am going to assume they will accept it for next year, but not 06.

would I file regular Corp for NJ and Sub Ch S for IRS?

Hope this explains it.

Tonya

[Brad Imsdahl]

I don’t know about NJ, but I wonder if they have some kind of procedure like the federal that allows you to file for a late sub S election like the federal does? Especially since the federal has already approved the election. Look in the NJ S corp instruction booklet to see if there is a late election procedure. If you can’t find it, call NJ at 609-826-4400 and see if they have a late election procedure. If not, you are stuck with a C corp for state tax purposes in ‘06.