Question

An entity is created on June 1, 2018. The entity does not start doing business until...

An entity is created on June 1, 2018. The entity does not start doing business until December 15, 2018. If the entity wants to be treated as an S-corporation for NYS and NYC purposes it must make an S-corporation by which of the following dates:

a) August 16, 2018

b) March 2, 2019

Is it from creating the corp or start doing business?

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Answer #1

To elect the S Corp status, One must incorporate a business.

  • Next, complete and file IRS Form 2553 with the Internal Revenue Service no more than 75 days from the date of incorporation, or
  • no more than 75 days from the start of the current tax year.

As per the question, the company was incorporated on 01-June-2018 it should file for S corporation within 75days from 01-June-2018 i.e. 16-August -2018 to be treated as S corporation.

Please like the answer...................for doubts please comment.........................thank you

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