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Changing From C to S Corp
Q:
Hello, Mr. Kerstetter,
I came across your website today. I was wondering if you can answer me a quick question:
Our fiscal year is April 1st to March 31st. What would be the time frame that we can change to an S corp?
Appreciate your help!
A:
You need to do some more research and work directly with an experienced professional tax advisor before you take the step of converting to an S corp.
As I have explained several times on both my blog and website, one of the biggest pitfalls to converting from a C corp to an S is the fact that you will also have to convert your fiscal year to a calendar year, which will force you to lose all of the benefits of having a different fiscal year.
You may find that retaining your current C corp and starting a new S corp will give you the best of both worlds. A good professional tax advisor should be able to explain how using two corps can work in your best interest.
I don't know how much of my website you have looked at, but here are some key pages you should study before consulting with a professional tax advisor:Comparing S and C corps
Benefits of Different Fiscal Years
S Election Instructions From IRS
Good luck. I hope this helps.
Kerry Kerstetter
Labels: corp
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 8/12/2007 02:45:00 PM Send this post:
