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VA online Form Instructions 2553: What You Should Know
B), rather than its year of incorporation. “If your corporation is doing an election to have its tax year begin under Sec. 1362(b), it must do this before the end of the calendar quarter in which the corporation first becomes an S corporation. If the corporation uses Form 2553, the corporation can not take its first taxable year (for tax purposes) under Sec. 13662 until after the first calendar quarter in which the corporation will be an S corporation. “This also means that S corporations that make their elections after January 1, 2019, and before the end of the corporation's first taxable year under Sec. 1362(b), must file their first taxable year returns by December of the year of their election, not before. Therefore, a corporation that makes an election under Sec. 1362(b) before the end of its first tax year, but does not file its first return by January 1, 2019, must file that first return by the end of its second tax year, even though the corporation began as an S corporation on or after January 1, 2017, i.e., the corporation's effective date would be December 31, 2017.” “An S corporation is not, therefore, allowed to do business before the beginning of its first taxable year. If the corporation is making its election after January 1, 2019, and prior to its first taxable year (for tax purposes), the corporation must file its first tax return after that tax year, not before, i.e., the corporation's effective date would be January 1, 2018, i.e., and its first tax return must be filed before the end of its second tax year, i.e., the corporation began as an S corporation on or after January 1, 2018, i.e., the corporation's effective date would be January 1, 2019, as the first taxable year for which the corporation will be taxable under Sec. 1362(b).” — Ruling, Federal Register — February 10, 2018, No. 888 “Your S corporation will not have tax consequences on its first business day. You can not take an election under section 444. So if you get paid on any business day, you must pay taxes on it and must include it, not include it in a section 233 transaction.” — Ruling, Federal Register — January 5, 2018, No.
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