Late S Corp Election
WCG Bizcast
English - October 26, 2019 21:06 - 28 minutes - 26.4 MB - ★★★★★ - 1 ratingEntrepreneurship Business Education How To s corporations small business tax planning taxes corporate tax prepaation business tax deductions business taxes section 199a deduction s corp benefits Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Jason Watson, CPA, of WCG Inc. (formerly the Watson CPA Group) with Amanda Rowles and Joseph Bassett review the S Corp benefits, reduction of self-employment taxes and the whole S Corp vs LLC discussion. But! The crux of this episode is how to retroactively file for a late S Corp election using Form 2553 and IRS Rev Proc 2013-30.
Then this episode discusses the timing of the late S Corp election and how it impacts tax return filing deadlines, extensions, late payroll events, and other pitfalls. Here is a spoiler alert- filing a S corporation election is a piece of cake and we are batting 100% in getting the successfully accepted by the IRS with huge tax savings.
This material is based on content from our website and our book, Taxpayer’s Comprehensive Guide to LLCs and S Corps.
https://wcginc.com/late-s-corp-election/
https://wcginc.com/wp-content/documents/SCorpQuestions.pdf
https://wcginc.com/s-corp-election/
Thank you!
Warm Regards,
WCG Inc. (formerly Watson CPA Group)
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