Discussion:Personal Service Corporation election of S status.
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
(Difference between revisions)
| Revision as of 22:09, 1 April 2008 JR1 (Talk | contribs) (I'm no PSC guy,) ← Previous diff |
Revision as of 03:47, 2 April 2008 Taxwizard (Talk | contribs) (He can make an S) Next diff → |
||
| Line 17: | Line 17: | ||
| {{ForumReplyPost|UserID=JR1|Date=April 1, 2008|Text=I'm no PSC guy, dodging C's at all cost in my life. Yes, he can elect S but you're too late for 08. And yes, I think he's PSC for last year, so time for a year end bonus, eh?}} | {{ForumReplyPost|UserID=JR1|Date=April 1, 2008|Text=I'm no PSC guy, dodging C's at all cost in my life. Yes, he can elect S but you're too late for 08. And yes, I think he's PSC for last year, so time for a year end bonus, eh?}} | ||
| + | |||
| + | {{ForumReplyPost|UserID=Taxwizard|Date=2 April 2008|Text=He can make an S election for 2007 as late as 9/15/08. See Rev. Proc. 2007-62.}} | ||
Revision as of 03:47, 2 April 2008
Discussion Forum Index --> Advanced Tax Questions --> Personal Service Corporation election of S status.
Discussion Forum Index --> Tax Questions --> Personal Service Corporation election of S status.
| 1 April 2008 | |
| Would a single owner C Corporation (Chiropractor) be treated as a Personal Service Corporation. Could the corporation elect S Status in the future if it is classified as a PSC?
Thank you | |
| April 1, 2008 | |
| Why not elect S either way? Why mess with a C and the double tax problems, on top of the PSC problem? | |
| 1 April 2008 | |
| Before I was involved the tax payer set up a c corporation and it was inactive for the last several years as he was employed by another chiropractor. This past year he went out on his own opened up a checking account with the corpoate ein and started doing business. He became a client of mine early this year, so he has to file a c corp return for last year.
Do you think he should be classifed as a PSC. Could he elect S status in the future? Thank you for your insight I really appreciate it. | |
| 1 April 2008 | |
| It appears from what you posted that it is a PSC. he can elect S status, it is late now but there are still options. | |
| April 1, 2008 | |
| I'm no PSC guy, dodging C's at all cost in my life. Yes, he can elect S but you're too late for 08. And yes, I think he's PSC for last year, so time for a year end bonus, eh? | |
| 2 April 2008 | |
| He can make an S election for 2007 as late as 9/15/08. See Rev. Proc. 2007-62. | |
