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Richard
Richard, Tax Attorney
Category: Tax
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Experience:  29 years of experience as a tax, real estate, and business attorney.
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I have a client that filed Corp in November and made s

Customer Question

I have a client that filed for S Corp in November and made his election in January. Since I don't do S Corps when will his first S Corp return be due? Will it include all or part of the earnings he had in 2015?
Submitted: 10 months ago.
Category: Tax
Expert:  Richard replied 10 months ago.

Good afternoon. My name is ***** ***** I look forward to helping you.

Under the IRS rules, S Corps, unless they fit into very narrow exceptions which would not be likely in your situation, are required to use the calendar year as their tax year. The reason for this is that S Corps are flow through entities and their individual shareholders are calendar year taxpayers. So, the S Corp will need to file a short year return for 2015 and then file the return for the 2016 calendar year in 2017.

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