s corp election

Discussion in 'Business Operations' started by bschuka29, Mar 8, 2004.

  1. bschuka29

    bschuka29 LawnSite Member
    from Omaha
    Posts: 5

    I want to incorporate, and I am going to elect S corp with the IRS.
    My question is: Is it too late to incorporate AND elect S corp and have S corp tax status for 2004? I believe I have to elect before March 15.
    Basically, can I file the S corp election form with the IRS before all articles of incorporation are finished?

    I've been trying to email the IRS but my computer's acting funny and not letting me.
    Any input is much appreciated.
     
  2. Team Gopher

    Team Gopher LawnSite Platinum Member
    from -
    Posts: 4,041

    Hi BSChuka,

    Here is a quote from this site. Maybe it will be helpful.

    " The Deadline: March 15, 2003
    To qualify as an S corporation, a corporation must timely file IRS Form 2553 with the IRS. This election must be made by March 15 if the corporation is a Calendar year taxpayer in order for the election to take effect for the current tax year. However, a "New" corporation may make the filing at anytime during its tax year so long as the filing is made no later than 75 days after the corporation has began conducting business as a corporation, acquired assets, or has issued stock to shareholders (whichever is earlier). "
     
  3. bschuka29

    bschuka29 LawnSite Member
    from Omaha
    Posts: 5

    Thanks, Team Gopher.
    That will help.
     
  4. FFMED74

    FFMED74 LawnSite Member
    from Indiana
    Posts: 242

    Do you all know anything about the internet companies that help with scorp'ing for a much smaller fee???? Guys around here want $650 ++++ to do it.
     
  5. IndyPropertyCare

    IndyPropertyCare LawnSite Member
    Posts: 201

    Eric...... Go the LLC route, much easier to deal with and you get all the benefits of S-corp etc.

    Just my 2 cents :p
     
  6. jajwrigh

    jajwrigh LawnSite Bronze Member
    Male, from Martinsville, IN
    Posts: 1,405

    I got my s-corp done for free! I just paid the secretary of state fee. My stepdad is a lawyer so he waived the normally huge fee that goes with getting incorporated.
     
  7. FFMED74

    FFMED74 LawnSite Member
    from Indiana
    Posts: 242

    :D Jason that helps me how? LOL!!!! I wish I had a lawyer dad. Mine is retired firefighter. I think I have waited too long this year....
     
  8. Jim H

    Jim H LawnSite Member
    Posts: 33

    I could be wrong, but even if you go LLC you still have to file S-Corp for IRS purposes. It is a simple one page form that your accountant should be able to help you with for no charge. If they want to charge you, find a new accountant.
     

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