Q:

Subject: S-Corp-Vs C-Corp

 

Hi,

I was on your site and I would love to speak with you. Not one accountant or attorney In spoke with out here has said a C-corp is good  and that an S-corp is mandatory.

Why are these so-called educated minds not in alignment with your thinking?

Is it so hard to miss?

Sincerely,

A:

There are far too many variables involved for me to be able to advise the best entity and jurisdiction to use for your particular situation via this medium.  There is no such things a one size fits all. 

You must be misunderstanding something because there is no such thing as a mandatory S corp status.  In fact, shareholders have to sign and submit a formal election on Form 2553 to IRS to be treated as an S corp.  If it were mandatory, it would be the other way around.

To work out the best solution for your particular circumstances, you really need to work with a tax pro who can help you set up a strategy that will work for you.

There are plenty of other tax pros who properly understand the differences between C and S corps.  Nothing on my web sites is unique to me.  It is all very common knowledge.

I wish I could be of more help to you; but I already have too many clients to take care of; so we are not accepting any new ones at this time and are still trimming back on the client load that we currently have.

Unfortunately, we don't have anyone else to whom we could refer you. If you haven't already done so, you should check out my tips on how to select the right tax preparer for you.

Good luck.

Kerry Kerstetter

 

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 2/12/2006 01:39:00 PM Send this post: