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What documents must be filed with the IRS for an S Corp?
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Listen to the audio
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In this audio snippet, you'll hear about:
- To file the initial S election, it is Form 2553
- IRS would like to have that form immediately after you incorporate, if not sooner
- Illegal to file S Corp election before entity actually exists
Audio Transcript
Travis:
What documents need to be filed with the IRS for an S–Corp?
Yosef:
To file the initial S. election you need a Form 2553. The IRS would
like to have that form immediately after you incorporate, if not
sooner. There is an interesting caveat. Some people are so concerned
that they actually will file the articles of incorporation for the
company and then immediately go home and get an EIN number and do the S
election. Even before they actually have documented proof that the
corporation actually exists. That's illegal.
Travis:
Wow. It is?
Yosef:
That's illegal. They cannot do that, and in fact, should they do that, the IRS can disregard the entire entity.
Travis:
Oh my.
Yosef:
How can you apply for an EIN number before you actually exist?
Travis:
[laughs] That's a good point.
Yosef:
Yeah, I think it's something of which people need to be aware.
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