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S-Corp Start up Expense

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    S-Corp Start up Expense

    A new S-Corp has start up expenses and organizational costs incurred in 2007. They have not opened their doors for business yet and probably won't until June 2008.
    Do I file a zero return with the Section 195 and Section 258 election with no $ amounts or do I not have to file a return for them this year and wait till 2008 to make these elections?
    Noel
    "Some cause happiness wherever they go; others, whenever they go."- Oscar Wilde

    #2
    File return, but wait on elections

    Originally posted by Acownt4it View Post
    A new S-Corp has start up expenses and organizational costs incurred in 2007. They have not opened their doors for business yet and probably won't until June 2008.
    Do I file a zero return with the Section 195 and Section 258 election with no $ amounts or do I not have to file a return for them this year and wait till 2008 to make these elections?
    If they have an EIN, you have to file a return. Sounds like it will be a "zero" return.

    Don't take any Sec 195 or 248 elections until the year the doors actually open.

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