Legal Question in Business Law in New York

Re: filing for s- corp

This is really an accounting question...not a legal question.

Good Luck

RRG

Re: filing for s- corp

Mr. Groezinger is incorrect; this is a LEGAL question.

Whether it's too late for you to file as an S-corp depends on your corporation's tax year.

If your corp's tax year ends in June, say, then no, it's not too late, but you'd better hustle. However, with an S-corp, you have to have some reasonable explanation for ending your fiscal year on a date other than 31 December.

If your tax year ends on 31 December, it's too late this year to file to be treated as an S-corp, but you can file within the time limit to be treated as an S-corp next year (or in any year following).

Once you elect to be treated as an S-corp, the election stays in place until a disqualifying event takes place or until you proactively remove the election. That means that you don't need to re-file to be treated as an S-corp every year.

Remember that you have to file both on the federal and the state levels for S-corp treatment.

THE INFORMATION PRESENTED HERE IS GENERAL IN NATURE AND IS NOT INTENDED, NOR SHOULD IT BE CONSTRUED, AS LEGAL ADVICE. THIS POSTING DOES NOT CREATE ANY ATTORNEY-CLIENT RELATIONSHIP BETWEEN US. FOR SPECIFIC ADVICE ABOUT YOUR PARTICULAR SITUATION, CONSULT YOUR ATTORNEY.