|
#2
02-27-2006, 09:18 AM
| |||
| |||
 Re: Switching from a S-Corp to C-Corp Bruce Raskin, CPA wrote: - quote - > <0b3hks001[at]sneakemail.com> wrote:
If the S-Corp earnings is distributed in early 2006, it> > 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. 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 << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
#1
02-21-2006, 09:14 AM
| |||
| |||
| Re: Switching from a S-Corp to C-Corp <0b3hks001[at]sneakemail.com> wrote: - quote - > Is there anything I need to compute or adjust for the switch?
You better distribute all of the accumulated earnings or itwill be locked in the c-corp. -- Bruce Raskin, CPA, P.C. Braskincpa[at]wbhsi.net Tax and accounting Services Chandler, AZ << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
02-21-2006, 08:16 AM
| |||
| |||
| Re: Switching from a S-Corp to C-Corp b3hks001[at]sneakemail.com wrote: - quote - > Is there anything I need to compute or adjust for the switch?
I would assume you would want to discuss the details withboth 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. -- Vic Roberts Replace xxx with vdr in e-mail address. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
|
#-1
02-20-2006, 08:20 AM
| |||
| |||
| Switching from a S-Corp to C-Corp Is there anything I need to compute or adjust for the switch? TIA << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| ccorp, scorp, switching |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| how to form a 2nd corp with privledges to use 1st corp tax ID alocker@bellsouth.net: We presently have a medical type office and would like to open up a 2nd. THe 1st office is an S-Corp with the original owner. The second office... | Taxes | 4 | 11-06-2005 04:10 PM | |
| Is there some site that lists the differences between S-Corp and C-Corp (and LLC)? John: I'm getting lost in the differences between the S-Corp and C-Corp. They treat medical savings plans differently, they treat fringe benefits... | Taxes | 1 | 08-26-2004 01:42 AM | |
| suspended k-1 loss, s corp goes to c corp BM30003700: a client of mine revoked s corp status prior to march 15, 2003, so became c corp effective 1/1/03. at 12/31/02, had approximately zero basis in s... | Taxes | 1 | 10-11-2003 06:43 AM | |
| Tax motivations to switch to an S-Corp from a C-Corp... Tripp Knightly: I realize the decision to choose / switch S over C is more than just current-year tax liability & avoiding double tax, but I want to understand the... | Taxes | 3 | 07-30-2003 07:38 PM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
