I have a new client who operated as a sole proprietor in 2016 until November 2, 2016, when my client filed his paperwork to form an LLC. The client now would like to file Form 2553 to be taxed as an S-Corp.
My issue with selecting the effective date. From my understanding, forming an LLC in November that would be mean the tax year...
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New S-Corp Tax Election
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Changing from C-Corp to an S-Corp
My Michigan based company is changing from a C-Corp to an S-Corp at the beginning of 2014. It was an S-Corp many years ago but it has been a C-Corp for over ten years now. Other than filing Form 2553 and watching for built-in gains tax on assets sold within five years, is there anything else I need to do, be aware of, or watch out for?