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Converting to an S corp.

  • 1.  Converting to an S corp.

    Bronze Most Valuable Member
    Posted 05-05-2019 12:17
    If my client converts to an Scorp on June 1, from a Corp. Does he have to file  a short year C??

    Thanks
     Kenneth J Zweibel CPA 516-639-0858



  • 2.  RE: Converting to an S corp.

    Platinum Most Valuable Member
    Posted 05-05-2019 17:18

    Some questions

     

    Is it a calendar "C" corp.

    If yes, would you want to convert it as of January 1 2019, or is there a reason you would want to file a short year.

     

    There are procedures for late elections which you could avail your self of which would bring you back to day one of the current year. .  And in that way, there is no short year      REV Proc 2013-30.    Its not hard

     

    Does this help ?

     

     

     

     

     

    Abby Alhante,  CPA

     

    Kurcias  & Alhante, LLC  CPAs

    525 Broadhollow Road   Suite 104

    Melville NY  11747

    516.829-5890  Fax 516-829-3976

    Mobile 516-381-9301

    AbbyA@KurciasAlhanteCPAs.com

    ( E mail response preferred )

     






  • 3.  RE: Converting to an S corp.

    Bronze Most Valuable Member
    Posted 05-05-2019 21:42
    Can you elect an S Corp. Now for 2019. I thought it had to be done by 2.5 months after dec 31

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    Kenneth Zweibel
    KENNETH J. ZWEIBEL, CPA PC
    East Northport NY
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  • 4.  RE: Converting to an S corp.

    Platinum Most Valuable Member
    Posted 05-06-2019 07:37

    Ken

     

     

    I have done it several times.  The rev Proc lists language that must appear.  In fact you will now find it as part of the 2553 PART IV on the last page.

    When filing the actual 1120S, if you have not made the election and had it PREVIOUSLY BEEN ACCEPTED, we attach it to the electronic filing and check the box " 2553 attached " on the 1120S

     

    However, to answer your original question more specifically. IMHO

    I believe that without permission to change the "C" year, you would file a complete (365 dat ) "C" year, and then elect "S" . "S" would be effective day one after the "C" year.  The "S" initial year would be a short period if the "C" was not a calendar.

     

    Hope this helps,  and you are welcome to call me. I will be in the office after 11..

     

     

    Good luck

     

     

     

     

    Abby Alhante,  CPA

     

    Kurcias  & Alhante, LLC  CPAs

    525 Broadhollow Road   Suite 104

    Melville NY  11747

    516.829-5890  Fax 516-829-3976

    Mobile 516-381-9301

    AbbyA@KurciasAlhanteCPAs.com

    ( E mail response preferred )

     






  • 5.  RE: Converting to an S corp.

    Platinum Most Valuable Member
    Posted 05-06-2019 09:10
    Ken:

    Why don't you post all of the details?

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    Robert Brown
    ROBERT N. BROWN, CPA
    Jericho NY
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