Just received a new client who said he incorporated in January 2007. He has never made an election to an "S" so technically he is a "C". I think in his case it would be better to be a "S". Is it too late to request this? I have heard that if you reference a certain code regulation that it might be possible. Any help out there?
-
-
If you have the Deluxe Edition of TTB, this is covered on pages 19-4 and 19-5. It is also in the Small Business Edition in Tab 4 (I think.) There are a number of procedures for relief from late S corp election spelled out on those pages. -
The election can be as late as the filing date of the return. Attaching the election to the first tax return is allowed. But I like getting it before the return is filed so I know where I stand.This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.Comment
Comment