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Modesto California Form Instructions 2553: What You Should Know

Learn a bit more. Subscribe with RSS · Report an error · Submit a comment Posted by Ann Kennels at 7:40 PM Dear Amy, I understand that your advice should be taken with some caution. As you well know, this can be risky business. The risks are: a) The IRS will find out, and then we will have to pay a fine. b) We will not meet the requirements for being a valid S-corporation. C) We will be considered an illegal business to avoid having our profits taxed. I'm not very familiar with your situation, but what I can tell you are that the IRS is very interested in people going in for these elections. The fines can be enormous, and I could run into legal problems. We'll go into details and what to do next. With love, Mary Ann Kennels I think that's an excellent start, and I'll ask that it's not seen as a way to get a free ride.

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