Missed Your S-Corp Election

Let me start off by thanking the many attendees for our fall seminar series yesterday. We hope that the “Getting Sharp as a Tack on Taxes” seminar provided everyone with timely information that will help you save money on your taxes this coming season. A particulr question came up regarding S-Corps and here is a little information regarding Filing a S-Corp election:

Revenue Procedure 2007-62 allows small businesses that missed filing Form 2553, Election by a Small Business Corporation, before filing their first Form 1120S, U.S. Income Tax Return for an S Corporation, to file both forms simultaneously. The change is effective for taxable years that end on or after Dec. 31, 2007.

Be sure to speak to your tax advisor regarding additional steps to ensure that your S-Corp election is prepared correctly.

Keeping Your Business N Synergy