Add a Date Legal South Carolina Startup for S-Corporation Forms For Free

If you're a solo business owner with a single member LLC, you can file Form 2553 to get S Corp taxation retroactively. The retroactive election would allow your LLC to be taxed as an S Corp.

A corporate taxpayer is required to file an annual tax return (generally Form 1120) by the 15th day of the fourth month following the close of its tax year. A taxpayer can obtain an additional six-month extension of time to file its tax return. Failure to timely file a return may result in penalties.

An S corporation must use a permitted tax year (IRC § 1378). See Explanation: §1378, S Corporation Tax Year. An S corporation may use a tax year other than a calendar year, ownership year, or year elected under IRC § 444 if it establishes a business purpose for using a different fiscal year.

The S Corp tax return deadline for extensions is the same as for the return itself ? March 15 (or the 15th day of the third month following the close of your fiscal tax year). If you are going to miss the S Corp tax due date, complete and file IRS tax Form 7004.

Filing as an S Corp in South Carolina Step 1: Choose a Business Name. Step 2: Appoint Directors and a Registered Agent. Step 3: File Articles of Organization. Step 4: Create an S Corp Operating Agreement. Step 5: Apply for an Employer Identification Number. Step 6: File Form 2553 for S Corporation Election.

A corporation or LLC must file an S-Corp election within two months and 15 days (~75 days total) of the date of formation for the election to take effect in the first tax year. Example: Your articles of formation was filed on August 21st. Two months later is counted to the numerically corresponding day of October 21st.

At any time on or before the fifteenth day of the third month of the current tax year. Entity seeking S corporation status must first qualify as a corporation for tax purposes.

How to file late S corp election? You can file a late S corporation election by completing the IRS Form 2553. The form has five pages and four parts. If you file a late S corp election, you should pay special attention to section I of Part I of this form.

For purposes of this guidance, the ?effective date? is the date the election is intended to be effective and cannot be more than 3 years and 75 days from the date relief is requested. To assist in determining if an entity qualifies for late election relief, Rev. Proc.