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Originally Posted by KAE_Firearms Not looking for the S-Corps designation for tax year 2015; ideally would like it to start when 'actual business' starts with exchange of good/services & money! We really ARENT wanting it to be effective for 2015. We know all about the form for decision, but still kinda unclear since it's a short tax year & business formation wouldn't be within 75 days of tax year end. |
Not looking for the S-Corps designation for tax year 2015; ideally would like it to start when 'actual business' starts with exchange of good/services & money! We really ARENT wanting it to be effective for 2015. We know all about the form for decision,==>>As you said,” We want this LLC to be taxed as an S-Corp; So, , your election to be taxed as an S-Corp might not be effective until the following tax year of 2016.
but still kinda unclear since it's a short tax year & business formation wouldn't be within 75 days of tax year end======>>To have your LLC receive the tax treatment of an S Corp, you need to file Form 2553 within the first 2 months and 15 days of the beginning of the tax year in which the election is to take effect. If you file it later, your election will be effective for the next tax year.