Switching from a S-Corp to C-Corp


0

0b3hks001

Is there anything I need to compute or adjust for the switch?

TIA
 
Last edited by a moderator:
Ad

Advertisements

V

Victor Roberts

Is there anything I need to compute or adjust for the switch?
I would assume you would want to discuss the details with
both an accountant and an attorney. In addition to the
Federal tax laws, corporations are licensed by the states,
so the rules for switching have state-specific components.
 
Last edited by a moderator:
B

Bruce Raskin, CPA

Is there anything I need to compute or adjust for the switch?
You better distribute all of the accumulated earnings or it
will be locked in the c-corp.
 
Last edited by a moderator:
Ad

Advertisements

0

0b3hks001

You better distribute all of the accumulated earnings or it
will be locked in the c-corp.
If the S-Corp earnings is distributed in early 2006, it
should not taxable to the shareholder -- because it has been
previously taxed. Does the now C-Corp still has to issue a
1099-Div to shareholder?

If yes, how does the shareholder handle it on the 2006 form
1040 so that it will not be taxed?

If no need for 1099-Div, does the Corp have to send any
other Forms to the IRS reporting the distribution?

TIA
 
Last edited by a moderator:

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads


Top