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Operating a Delaware registered LLC in CA for 2 years and filing

sched C 2006 and 2007...
Operating a Delaware registered LLC in CA for 2 years and filing sched C 2006 and 2007. Can S corp or C corp status be elected now for 2008 or is it too late?
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2/1/2009
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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DearCustomer-

 

The election to be taxed as a corporation needed to be made by March 15, 2008 to be effective for the 2008 tax year. You can file Form 8832 now for the 2009 tax year. I have provided a link to the form with instructions below.

 

http://www.irs.gov/pub/irs-pdf/f8832.pdf

 

 

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Customer reply replied 8 years ago

Hi Steve, thanks for confirming. Burdened with vey high self employment tax for 2008.
1. Please let me know if there is any solution or if not, how to request to pay these taxes in installments.
2.Can I file for C-Corp by March 15 and make it effective from 1/1/09?

Thanks for your time. I appreciate it.

Eugene -

 

The upside is you had a good year.

 

Yes, if you elect by March 15th it can be effective as of January 1st (The sooner the better). You will need to pay reasonable salaries, withhold and remit taxes and file quarterly payroll tax reports. I you additionally elect S corporation status, the IRS is specifically looking at reasonable compensation See link below.

 

http://www.irs.gov/newsroom/article/0,,id=200293,00.html

 

Once you file your Form 1040 without full payment, you will receive a notice of balance due from the IRS. They will also include information about setting up a payment plan. I have provided a link to the IRS web page that summarizes the situation and provides links to futher information.

 

http://www.irs.gov/newsroom/article/0,,id=181096,00.html

 

MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
Verified
MequonCPA and 87 other Tax Specialists are ready to help you
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Customer reply replied 8 years ago

This is great! Thanks for your help, Steve!
You're welcome. Glad to be of service.
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MequonCPA
MequonCPA
MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,342
2,342 Satisfied Customers
Experience: CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.

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