Late S Corp Election | WCG Inc. | Bizcast #3

[@belemrodriguez5168]

Thank you so much for this video! It was great!

[@moneylending1723]

Great information. In terms of an existing LLC, what if you have an LLC that's filed for the last 4 years as as sole proprietor. Is it possible to switch to an s corp and still filing as s corp in the firth year? Meaning, there is no interesting in going backwards to amend. Is it still a late filing that requires a reason? Would it be better to create a new business entity to more or less start over as an s corp?

[@wcginc.8878]

Thank you Money Lending for watching our video! These are great questions. Please reach out to our Business Development team at [e-mail] or call our office at 719-387-9800 so that we can discuss your current situation more.

[@TheAccountingStruggle]

This was exactly what I needed- thank you so much!

[@wcginc.8878]

Hi The Accounting Struggle! Glad we could help you and thank you for watching!

[@Chandler890]

What if you never had payroll the previous year or taken any distribution from the business, is the new year now, can you retroactively go back to pay yourself in the New year to qualify for late s corp? Thanks

[@wcginc.8878]

@schoolbus8103 You can but more discussion is necessary.

[@dross0123]

Is it true that if my filing date for LLC is the 11th of the month, I can backdate it and have LLC/S-corp election for the 1st of the month (so business income that came in the 1st-10th can be counted towards it

[@danawaldrop4930]

Can you confirm that I have this right? I can ask for Jan 1 2023 acceptance date, then electronically file the 2553 (attachment w Drake) with the 1120S on March 15, 2024? File the 1040 4/15. If they deny it then amend the 1040, if it's accepted on June 20th, then there is nothing to do, correct? I'm actually filing a 2553 today for 1/1/2023 acceptance, but should I attach it to an 1120s or Schedule C? Can the 2553 be attached to the 1040? I don't think so, the 2553 can only be attached to the 1120s --- but for the same year?

[@joeychavez6693]

6th yr preparer here, Found this channel a couple weeks ago, I've already recommended it to quite a few people. Love these podcasts! Very clear and super informative and helpful! I've downloaded them all and listen during my commute. Keep them comin' please!

[@wcginc.8878]

You got it, Joey. 👍 We've got more videos on deck to keep your tax skills sharp! Thanks for tuning in, and Happy Holidays!

[@jenniferlopes42]

Hi there, Great video. Just subscribed! My question is: My business doubled in revenue this year and I will be filing late s-corp election. I have been running "payroll" through my bank of america portal. but I guess its not really payroll because I pay myself and contractors through the contractor classification on the intuit system, therefore no taxes are taken out because its contractor pay. what am I supposed to do with this once IRS accepts my late election? sorry if thats confusing

[@wcginc.8878]

Hi Jennifer! Thanks for watching! You should open payroll accounts to pay yourself a reasonable compensation from the S Corporation. The “payroll” that you have been taking all year can be reclassified as shareholder distributions.

[@jenniferlopes42]

@@wcginc.8878 Thank you so much for your response! so should I put myself on payroll now or wait until the election is approved?

[@wcginc.8878]

@@jenniferlopes42 Proceed with the payroll set up as if the s corp election was approved! :)

[@jenniferlopes42]

@@wcginc.8878 Thank you ! I will be giving you guys a call !

[@stephanierice9351]

Hi I need some advice, I started a LLC in 2020 and my business didn't take off due to the pandemic. My business didn't make any money, so in 2021 I partnered with my husband, then I filed a article of amendment to change the name of the LLC, and added my husband (partner) as a managing member, I have the article of amendment, does that replace the articles of organization or do I have to file for reinstatement to include the change? Question #2 We now want s corporation status, but it wasn't filed within the 75 day period. How do I straighten this out. any and all help would be greatly appreciated. I have the paperwork to file, but I'm afraid I'm not doing everything correctly...please help

[@wcginc.8878]

Hi Stephanie! We would be happy to help. Please contact our offices at 719-387-9800 or [e-mail] at your earliest convenience.

[@michaela.donaldsonsr.4496]

Hey guys great info. My name is Michael and i recently as of late March early April of 2021 started a business and what if i didnt file an entity when i formed the llc in the 75 day window, what do i do now? Can i file it myself or do i need a cpa?

[@citrineinvestorsgroup5782]

I have been incorporated since 2017, and never filed a tax return because I haven't been profitable until this year. Can I still file a late S Corp election for the money I made this year and moving forward?

[@wcginc.8878]

Yes! Call us at 719-387-9800 and talk to Amanda or Joseph. We can certainly help!

[@wcginc.8878]

Hi Citrine Investors Group ! If you haven't been profitable until this year, we would recommend filing a retroactive s corp election back to 1/1/2020. If you have any further questions, please feel free to reach out to us with a call or email.

[@remi4449]

Great video! Quick question. I have 1099 income and haven't filed my 2019 taxes yet. Can I still open an LLC and do a late S-Corp election for 2019? Thanks.

[@wcginc.8878]

A shelf corporation might be an option, depending on the details of your situation. Our staff would be happy to consult with you on the best option - contact us at 719-387-9800 to set up a consultation!

[@wcginc.8878]

Hi ReMimi! If you had an active entity registered with your state's secretary of state in 2019, you can absolutely retroactively elect S Corp status! If you have any further questions, please feel free to reach out to us with a call or email.

[@blakeutley2671]

Thanks for saving me $25,000 in Black America 🦅 lol 😂🇺🇸