For a corporation to be an S Corporation, the paperwork to make that effective is due no more than two months and 15 days after the beginning of the tax year the election is to take effect (yes, I copied that from the IRS instructions). If you’re really ahead of the game, then the timing is anytime during a tax year preceding the year you want it to be in effect. For new corporations, the tax year typically begins on a day other than January 1, unless you formed on that date. So, for example, if your corporation was formed on July 8, then the S Corp election would be due 15 days after September 7, or September 22.
Recent Posts
- Law in the Time of Corona: Force Majeure During an Outbreak of... March 26, 2020
- Uncle Sam doesn’t like the losses you’re taking for your hobbies. In... December 16, 2015
- Do You Need An Entity For Your Business? September 28, 2015
Popular Posts
- Partnerships: Initial Legal Considerations September 28, 2015
- Do You Need An Entity For Your Business? September 28, 2015
- Uncle Sam doesn’t like the losses you’re taking for your hobbies. In... December 16, 2015
© 2012-2016 David Herzog Legal | inquiries@davidherzoglegal.com | Disclaimer