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Export date: Fri Mar 29 5:06:30 2024 / +0000 GMT

When is an S Corp election due?


For a corporation 1 to be an S Corporation 2, 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 3). 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.
Excerpt: 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 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.
Links:
  1. https://www.readysetincorporate.com/faq-items/what -is-a-corporation/
  2. https://www.readysetincorporate.com/faq-items/what -is-an-s-corporation/
  3. http://www.irs.gov/pub/irs-pdf/i2553.pdf
Post date: 2015-08-10 15:50:02
Post date GMT: 2015-08-10 22:50:02

Post modified date: 2019-11-05 17:19:47
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Export date: Fri Mar 29 5:06:30 2024 / +0000 GMT
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