Despite Warnings, It is Not Too Late to Form an S Corp in 2007
Summary
For most corporations, this means that Form 2553 should have been filed with the IRS no later than March 15 in order to obtain tax treatment as an S corp this year."If the form is filed and accepted by the IRS after March 15, the S corp status will not take effect until next year," said Chrissie Mould, a senior incorporation specialist at online incorporation service company MyNewVenture.com, "and any would-be S corp that has not filed the form by the deadline will be taxed as a regular "C" corporation--with taxable income subject to corporate income tax rates--this year.MyNewVenture.com offers IRS Form 2553 preparation service for corporations and limited liability companies that wish to elect the S corp tax classification.About MyNewVenture.com MyNewVenture.com (http://www.mynewventure.com) helps entrepreneurs quickly and easily start businesses at a fraction of the cost of typical legal fees."If the form is filed and accepted by the IRS after March 15, the S corp status will not take effect until next year," said Chrissie Mould, a senior incorporation specialist at online incorporation service company MyNewVenture.com, "and any would-be S corp that has not filed the form by the deadline will be taxed as a regular "C" corporation--with taxable income subject to corporate income tax rates--this year.