Re: Electing Subchapter-S after March 15 for a NEW corporation

From: "L. Chen" <am302@freenet.buffalo.edu>
Subject: Re: Electing Subchapter-S after March 15 for a *NEW* corporation
Date: Sat, 24 Apr 1999 17:16:39 -0400 (EDT)

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> I'm not sure if this is the correct list to ask this question, (if not
> apologies0 but even my accountant is not giving me a straight answer. 

If you have access to newsgroups, the misc.taxes.moderated would be the better
forum.


> ....................
> I plan to set up a calender year corporation, but it does not exist
> now -- i.e., I will set it up, and it will normally have a calender
> tax year (1/1 to 12/31).  It is really important (for tax reasons)
> that this be a S corp.  However, if I create my corporation on
> May 1, does this mean I have until July 15 to file form 2553 (election

Yes


> ............. 
> Boy, I wish the IRS documentation would be specific on this
> issue, as would any of the 5 (I kid you not) books I have bought

I thought it is in the instruction to that form.

> ...  After blowing another
> $300 in accountant and legal consulting fees, I'm nowhere clear
> to a definitive answer....  sigh, wish the IRS was clearer, but
> I may as well wish for the rain to stop right now -- probably
> have a better chance for the latter:-)

If your lawyer and accountant cannot answer this simple question, then I
strongly suggest that you find new ones -- that are familiar to the business
that you will be in.  Like any other profession, tax, accounting and law all
have sub-specialties within them.

Chen


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