WebTo have your C-Corporation receive the tax treatment of an S Corp, you must file an election with the IRS using Form 2553. You must file Form 2553 within the first two months and fifteen days of the beginning of the tax year in which the election is to take effect. If you file it later, your election will be effective for the next tax year. WebHere’s a quick rundown of the most important issues to consider when converting from a C corporation to an S corporation: 1. Built-in gains tax. Although S corporations …
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