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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 1067
Experience:  Tax Preparer for 16 years; 25+ years experience as a real estate/corporate paralegal.
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Can accounting firm be structed as S corp and licensed as accoutning

Resolved Question:

Can accounting firm be structed as S corp and licensed as accoutning firm with S corp type in PA ? thanks
Submitted: 1 year ago.
Category: Tax
Expert:  Barbara replied 1 year ago.

bkb1956 :

Thank you for allowing me to be of service to you. If you elect S corporation status with the IRS, you must also file for S corporation status in Pennsylvania utilizing form S-Election REV 1640 within 75 days of the beginning of your fiscal year. You must also submit a copy of the IRS approval to Pennsylvania Department of Revenue and will also be responsible to file and pay Pennsylvania Capital Stock Tax. Please remember to rate my answer to you as this is an important part of being an expert on this website. If you need further information or clarification, please do not hesitate to contact me. Thank you.

Customer:

I am fully familiar with s corp. My question is :Can accounting firm be structed as S corp and licensed as public accoutning firm with S corp type in PA ?

Customer:

thanks

bkb1956 :

The answer to your question is yes. I apologize if I was not clear in my response. Thank you for allowing me to be of service to you.

bkb1956 :

Please let me know if you need further information or clarification. Since the service rating is an important part of being an expert on this website, I would appreciate you considering revising the service rating. Thank you.

Customer:

PA Corporation Bureau (XXX-XXX-XXXX) says that accounting firm should be set up as pc. But I think that s corp would be okay for public licensed accounting firm. would you confirm it with the above phone number? thanks

bkb1956 :

I will confirm it and get back to you. Thank you.

bkb1956 :

I spoke to a representative at the Pennsylvania Department of State regarding corporations, and there is NO restriction for an accounting firm to be structured as an S corporation in Pennsylvania. What I thought I made clear in my initial response was that the S corporation election is given by the I

bkb1956 :

IRS and flows to the respective state. In this case, Pennsylvania. The S corporation designation does not flow from the state to the IRS. Please let me know if you need further clarification.

Customer:

thank you for your confirmation !

Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 1067
Experience: Tax Preparer for 16 years; 25+ years experience as a real estate/corporate paralegal.
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