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Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3118
Experience:  I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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Subchapter S corporations

Customer Question

Incorporated as a subchapter S corp. in New Jersey in 2004. The subchapter s deals with the management of a building. Never filed a Form 2553. Do I need to? If I don’t need to file a Form 2553 then i can file a Form 1120s. If I did need to file a form 2553, how do i report the activities of the subchapter S corp for 2004? Do i file Form 1120 or do i just file Schedule E?
Submitted: 11 years ago.
Category: Tax
Expert:  Jon Andrews replied 11 years ago.

If you have not filed the 2553, your corporation is a C corp rather than an S. You do need to file it if you want the corp to be an S corp. You should file a "late" S election. There is a revenue procedure in place that makes granting of this late election ALMOST automatic. I am not at my office, so I do not have the Rev.Proc. number with me, but I will update this post in about an hour with that information.


It would be in your best interests NOT to do either of the options listed, i.e. file an 1120 or file a Schedule E if you intended and still intend for this to be operated through an S corp.


[email protected]

 

Customer: replied 11 years ago.
Reply to Jon Andrews's Post: Thanks Jon for the reply. I would appreciate receiving the regulation number that i would need to make the late filing of Form 2553 for the S corp. almost automatic. You suggest not filing either Form 1120 or Schedule E, should I file Form 1120S and attach the late Form 2553( with the added regulation number that would make it almost automatic)? As you know Form 1040 is due by the 15th. and i need to know how to report the activity of the subchapter s corp (a Loss) on my return.
Thank you agin for your reply.

Expert:  Jon Andrews replied 11 years ago.

It is Rev Proc 2003-43 available here http://www.unclefed.com/Tax-Bulls/2003/rp03-43.pdf


Your corporate return was due 3/15/05. If you did not file an extension, you may have other issues as well.


You should file the corporate return as an 1120S and attach a statement stating that the 2553 has been filed under Rev Proc 2003-43 and that you are filing as an S corp on that basis.


[email protected]
Customer: replied 11 years ago.
Thanks so much Jon.

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