Life Cycle of an S Corporation
By Jason Watson, CPA
Posted February 28, 2020
Here is a summary of the life cycle of an S Corporation in terms of startup and shutdown-
- LLC Formed
- S Corp Election Made, Form 2553
- Payroll Accounts Opened
- S Corp Revoked, Letter to IRS
- Reverts to C Corp for Taxation
- Revert to LLC for Taxation, Form 8832 (Entity Classification Election)
- Distributions and Tax Consequences Dealt With
- Payroll Accounts Closed
- Final S Corp Tax Return Filed, Form 1120S
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Jason Watson, CPA, is the Managing Partner of WCG, Inc., a progressive Colorado Springs tax and consultation firm.
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