"DiLu790" <dilu790[at]aol.com> wrote:

- quote -

If your EIN is dated in 2003 and you have done no business
yet, I would file a form 1120 showing zero as the profit.
No Federal tax would be due. State tax would depend on
State law, but there would be no income if the State taxes
income. There could be a minimum Franchise tax in your
state.

Then I would submit forms to change to an S Corp effective
Jan 1, 2004.

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Please disregard this message since I've managed to answer
my own questions since originally posting it.

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Hello, I recently used an online Business Filings Company to
start my corporation in New York which I'd planned on
turning into an S Corporation.

I paid them on Dec 14 and amazingly, by the 19th, the DOS of
NYS already had my corporation listed. Something I never
ever expected. I'd thought it would take awhile and the date
of formation would be in January, "my mistake!"

I've yet to get an EIN, articles of incorporation or
anything else for that matter. But it seems I'll be
responsible for filing all my tax forms.

SO, my questions are this:

- Would I be able to file for the S Corporation Election
even though the Corp. was most likely formed last week? That
is, S Corporation Status for 2004, or even 2003?

- A fella at the NY Dept of Taxation told me today I should
file the CT4s followed by the 2553 with the Federal Govt and
the CT6 with the State (marking it pending) and make sure
the Corp. Does this sound right?

- Following the train of thought from the above, he says I
should also make sure there's at least $1,000 in assets for
the Corporation so's I'd only have to pay $50 in Tax

- Of course the above doesn't cover me for the Dept of
Finance which always wants their money no matter what....Any
suggestions on avoiding the above, or perhaps the best route
for me and the Corporation considering it hasn't even opened
shop yet?

Any/all suggestion would be truly appreciated. Many thanks in advance

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