Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

Here's the scenario: Business was incorporated in 2017 but…

Hi! So here's...

Hi! So here's the scenario: Business was incorporated in 2017 but hasn't yet begun business operations. I've found out through my research and various phone calls with the IRS that since the business has no activity in 2017, it is acceptable to file a C-Corp tax return for 2017, elect to be an S-Corp effective as of 1.1.18, and start filing an S-Corp tax return starting with tax year 2018. When I go to fill out part L of the 2553 S-Corp election, what should I put as the date shares were acquired?...Date of incorporation, Date of S-Corp Election effective date, or the date when business actually begins? Thoughts?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I think that's it but if she needs more info, I'll be happy to answer.

Show More
Show Less
Ask Your Own Tax Question
Answered in 2 minutes by:
3/14/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,038
Experience: Adjunct Professor
Verified
Hey! I'm Carter, I'm a CPA and can help you out. You are going to use the date you formed the corporation in 2017.
Let me know if you need anything else. If not, please leave a rating. Thanks!
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,038
Experience: Adjunct Professor
Verified
Carter McBride and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 1 month ago
Thank you! And that won't cause any tax consequences if I say the shares were acquired in 2017 and then roll over into an S-Corp in 2018?
Customer reply replied 1 month ago
Sorry-I rated you and then it "completed" the request when I still had an open question...
Nope, no tax consequences for that.
Ask Your Own Tax Question
Customer reply replied 1 month ago
Thanks! Have an excellent day!
You too!
Ask Your Own Tax Question
Was this answer helpful?
Ask Carter McBride Your Own Question
Carter McBride
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,038
1,038 Satisfied Customers
Experience: Adjunct Professor

Carter McBride is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
I just filed a client's tax return for 2014. Tax return
I just filed a client's tax return for 2014. Tax return filing was due 4/15/2015...filed 4/17/2018. - just met the 3 year filing window. If I need to amend, is there a new window of time to do this?… read more
abci168
abci168
Principal
27 satisfied customers
How I can file for an extension to file the tax return for
How I can file for an extension to file the tax return for 2017. … read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
Child and Dependent Tax Form 2441 Error: IRS Rejected return
Child and Dependent Tax Form 2441 Error: IRS Rejected return due to dependent's social security number being used on someone else's From 2441. Child is my dependent this tax year, I am Head of Househo… read more
Shan-Nel Simmons
Shan-Nel Simmons
Tax Professional/Owner
Master\u0027s Degree
43 satisfied customers
I need to file 2015 tax return. I have filed extensions
I need to file 2015 tax return. I have filed extensions until now because I am owed a return, yet, am I able to apply for an extension, or is the time limit up after 3 years … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
Finally filing 2016 income tax returns. Filing as "married
Finally filing 2016 income tax returns. Filing as "married filing separate return". Did not live with spouse at all in 2016. What is she on my return: an exemption? a dependent? an alimony expense onl… read more
abci168
abci168
Principal
27 satisfied customers
I filed my tax return electronically but inadvertently
I filed my tax return electronically but inadvertently omitted 3 pdf files that should have been attached to the return substantiating the figures I entered on schedule D and schedule A. The software … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
IRS For a 1041 return, a 1042S has already been filed for a
IRS For a 1041 return, a 1042S has already been filed for a foreign beneficiary. Do they need the K-1 for their return since tax has been paid? They live in Chile. Thanks!… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
931 satisfied customers
I received a CP2000 from IRS for 2016 tax return I filed
Hi - I received a CP2000 from IRS for 2016 tax return I filed with Turbo tax. I think I entered the stock that I had vested and was sold to cover incorrectly ($6k was forced as sell to cover for taxes… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,066 satisfied customers
A tax client filed a Section 83() election with the IRS
A tax client filed a Section 83(b) election with the IRS within 30 days of being granted shares of stock by her company in 2017.The value of the stock granted was $0.0001/share and she was granted 816… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,066 satisfied customers
Tax If the IRS rejects a tax return, does this affect the
Tax If the IRS rejects a tax return, does this affect the statue of limitations? For example if a 2014 return was submitted before the deadline of the 3 year statute and the IRS rejects the return, ca… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
I filed my original 2016 tax return as Married filing
I filed my original 2016 tax return as Married filing separately but after my wife arrived in the US from the Philippines and she obtained her SSN we filed an amended return to file as Married filing … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
Sure. I'm filing a final tax return for an Scorp with a
Sure. I'm filing a final tax return for an Scorp with a negative SCH M-2 or AAA... There were no distributions taken out ever, The Scorp was not profitable. The Shareholders' have paid in capital with… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I had to file an amended return after I filed with E-tax.
I had to file an amended return after I filed with E-tax. There is a mistake on their preparing my 1040. I tried to talk to them but I could not understand what they were saying. I am 92 years old and… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Is there a way to determine if a Sub S tax return filed for
Is there a way to determine if a Sub S tax return filed for 2016 and if the return was marked "Final"? … read more
abci168
abci168
Principal
27 satisfied customers
How does IRS return an unsigned tax form? How does IRS
Hello How long does IRS return an unsigned tax form? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,939 satisfied customers
My 2017 e-filed tax return was rejected by the IRS because
My 2017 e-filed tax return was rejected by the IRS because "It doesn't match our records" without explanation as to what did not match. When I asked for a Transcript of last year's return, upon checki… read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
125 satisfied customers
I found an amended irs tax return for 2015 and my tax
I found an amended irs tax return for 2015 and my tax preparers form but it is incorrect I believe so I need to try to fix this. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Is there a form to file with the IRS for tax periods that
Is there a form to file with the IRS for tax periods that have ran past the statute of limitations from the date of assessment … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x