How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask KJLLAW Your Own Question
KJLLAW, Attorney
Category: Business Law
Satisfied Customers: 1536
Experience:  Attorney at Law Office of KJLLAW
Type Your Business Law Question Here...
KJLLAW is online now
A new question is answered every 9 seconds

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: 1 year ago.
Category: Business Law
Expert:  KJLLAW replied 1 year 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 1 year 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 1 year 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.