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Discussion Forum Index --> Tax Questions --> What form do I use? 1120 or 1120-S?
JDcpa (talk|edits) said:
| 8 March 2007
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| New client whose business was incorporated in January 2006. The attorney who filed his 2553 requested (and was granted) an effective date of 3/1/06. So which form do I use? Please reassure me that I do not need to do two short years...
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JR1 (talk|edits) said:
| March 8, 2007
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| 1120S and I sure wouldn't, but that's the rebellious me.
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Blrgcpa (talk|edits) said:
| 8 March 2007
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| Did he file for state s corp also? It could be messy if the fed is an s corp and the state isn't.
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JDcpa (talk|edits) said:
| 8 March 2007
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| Thanks for the responses. Georgia accepts the federal election so I should be okay with the state. I was thinking along those lines JR, but am I correct that the technically correct answer is two short years?
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JR1 (talk|edits) said:
| March 8, 2007
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| Technically, if he started biz prior to March 1...or, you've got a Sch. C prior to Mar. 1 if you can show that the corp wasn't yet put into play.
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JDcpa (talk|edits) said:
| 8 March 2007
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| It was incorporated in Jan 06 and he began business. Requested and received S election effective March 1. So I'm thinking he's technically got a C corp for Jan & Feb and an S corp from March forward. I'm planning to put it all on an 1120-S unless I hear a compelling reason not to. (I think JR's rebelliousness is rubbing off on me).
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Will (talk|edits) said:
| 8 March 2007
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| Well, my moto at least for today is -> intent over form! Wait, isn't that the Service's motto in some cases??
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JR1 (talk|edits) said:
| March 8, 2007
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| Just to be safe, ensure that the P/L comes out to near zero either way for Jan/Feb so that it doesn't matter. . .
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