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I need to make the election now; I am employed by a university and they will contract me as a company only if I am taxed as a corp. So is the short year OK?
And thanks, XXXXX XXXXX how to handle payroll taxes
I am confused by the 2553 instructions that says the election must be made within 75 days of the start of the tax year.
Complete and file Form 2553:
No more than two months and 15 days after the beginning of the tax year the election is to take effect, or
At any time during the tax year preceding the tax year it is to take effect.
This seems inconsistent with your reply
Actually they already have my W-9 with EIN and certificate of commercial insurance, but Purchasing apparently has been given grief by the IRS over this issue.
My sole concern at this point is the timely filing. F2553 question F (Tax Year) has the choice of calendar year, Fiscal year, 52-53 week year ending with reference to Dec, and 52-53 week for any other month. Choice of a fiscal year other than the calendar year requires a written justification of business purpose
OK - having read E and F *very* carefully I see that you can enter an effective date for Item E and still choose a calendar year for a tax year. Thanks for your assistance