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KJLLAW, Attorney
Category: Business Law
Satisfied Customers: 617
Experience:  Attorney at Law Office of KJLLAW
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I created a company XXXX Inc. in dec 2014 as a domestic

Customer Question

I created a company XXXX Inc. in dec 2014 as a domestic business corporation (in Minnesota state secretary website, there no option to create a scorp company ). Since its already been 1 year now. Can I still opt for changing the classification to SCORP ?
Submitted: 7 months ago.
Category: Business Law
Expert:  KJLLAW replied 7 months ago.
Good morning. The Corporation is set up on the state level, the tax designation as an S Corp is an election that is made when you filed for your EIN tax number for the corporation. You can still change it with the IRS
Customer: replied 7 months ago.
Can you please tell me how I can go about doing it. I am yet to file my first business tax return. When I try to send the return electronically, its getting rejected because of wrong classification. I know I am late by a day. Please let me know.
Expert:  KJLLAW replied 7 months ago.
The election to an S Corp. must begin on the first day of the business tax year, not for last year. You cannot elect a change in tax filing status mid-year.

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