A couple of corrections:
- The start date of the S corporation will be whatever you used on the election to be an S corporation. This is what will be reflected on page 1 box A.
- This will be the same date as page 1 box E.
- Since your election is for 2024, the above are based on the 2023 return, which I expect to be the same as the 2024 version next year.
- Don't file your 1120-S until you receive an S corporation acceptance letter from the IRS; so make sure you follow up if you don't hear back from the IRS.
- Also, when completing the initial S corporation return, the beginning balance sheet (assuming you complete this), will reflect nothing. You should only have an end of the year balance sheet.
- I might suggest you get some professional help in filing your initial S corporation return to get started down the right path.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
