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Is it too late to convert my LLC to an S corporation for tax purposes?
December 15th, 2016
Is it too late to convert my LLC to an S corporation for tax purposes?
Not if you have a CPA that knows what they’re doing.
IRS Form 2553 (Election to be a small business Corporation) states you are supposed to file to be an S corporation within 75 days of the beginning of the tax year which would mean for a typical Corporation you would have to do it by March 15th.
However I have been working with clients for 28 years following IRS rules procedures which allows making the effective date of your S corporation the beginning of the year even up until the first part of the following year.
Being an S corporation for tax purposes frequently can save you a little bling to help you with the Christmas spending.
Feel free to give us a call.
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