The IRS has improved the procedure for electing S-Corporation status after the filing date for the S-Corporation Election Form (Form 2553) has passed.  If you can show reasonable cause for why the election is late it is now easier to obtain S-Corporation Status after the deadline.  Information on the change can be found here.

For more information on how an S-Corporation is organized and the differences between entity types see our page on choosing an entity.

Related posts:

1. Proposed Changes to S-Corporation Law The Congress is proposing some changes to the law that governs S-Corporations including: changes to the way “Passive Income” is...
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4. “Reasonable” Compensation for S-Corporation Owners Good article on why S-Corporation owners should pay themselves a “reasonable” salary and not simply take all earnings as “Distributions”....
5. Starting a One Person Corporation (or LLC) BusinessWeek has an article about starting a one person corporation. The reader’s question is about setting up a corporation instead...

This entry was posted on Friday, October 26th, 2007 at 12:44 pm and is filed under Small Biz Management, Small Business News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.