Kerry M. Kerstetter, CPA (referred to as The Tax Guru by other CPAs around the country) helps capitalists, investors & small business owners win the tax game. See www.TaxGuru.org for much more detailed info.
Please note that Kerry does not personally agree with every item included here; but passes them along for the benefit of the readers' understanding of the varied viewpoints on the issues being discussed.
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Tax Guru-Ker$tetter Letter
Sunday, February 11, 2007
Look before you leap..
The trend of people filing for S corp elections before knowing what that entails continues, as in this case.
Q:
Subject: Quick S Corp QuestionHello Kerry,I have been reading through your blog recently, and I have mostly been interested in your opinion regarding S Corp vs. C Corp.My question is simple. We incorporated Feb 14 2006, and filed and received our S corp election from the IRS. I would like to review this choice with a local accountant. We HAVE NOT filed yet for 2006 either personally or for the S corp.If we never file as an S corp, but as a C, does the S corp quietly go away, or will we have to formally change with the IRS?Thanks,
A:
Check out this post from last Summer.
Good luck.
Kerry Kerstetter
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 2/11/2007 08:17:00 PM Send this post:
