Go back to 1120S

[JG EA]

Can a new LLC dated middle of 2006, go back and make it an S-Corp from that date. I know I should look this up - excuse me - panic time.

Thanks.

[S T]

I am in panic mode also

More research than I have time to do, so here is the IRS link http://www.irs.gov/businesses/small/...137016,00.html. See the section "what is my effective date"

See also TTB page 18-14.

Good Luck

Sandy

[JG EA]

Thanks ST

Have you ever done one up to year late? I'm going to ask them to file an extension and we'll work on AFTER TAX SEASON if this is the way they want to go. If I can take a month or so to work on it slowly it'll approach the time of their LLC. In my defense, they didn't tell me about the LLC thing until after our first couple of meetings and I had been working on a Sch C until the middle of March or so. I've been putting it off but in my defense I still haven't got all the promised information.

[Joe Btfsplk]

Can a new LLC dated middle of 2006, go back and make it an S-Corp from that date. I know I should look this up - excuse me - panic time.

Thanks.

You can't "make it an S Corp", but you may be able to elect to file it as if it were an S corp if the proper elections are made withing the time allowed.

At this late stage, you will certainly have to get an extension in order to make the proper elections and/or determine whether it is too late.

[ChEAr$]

How to do it

Have you ever done one up to year late? I'm going to ask them to file an extension and we'll work on AFTER TAX SEASON if this is the way they want to go. If I can take a month or so to work on it slowly it'll approach the time of their LLC. In my defense, they didn't tell me about the LLC thing until after our first couple of meetings and I had been working on a Sch C until the middle of March or so. I've been putting it off but in my defense I still haven't got all the promised information.

Look at Internal Revenue Bulletin 2004-32 which relates to Rev Proc 2004-48.

No problem with late classification.