1120 or 1120S?

I opened my C Corp mid 2021, intending to file as a S Corp, but due to reasonable circumstances I never sent 2553 or my Corp tax return.

I have no profit or distribution for 2021. Can I just file as a C Corp for 2021, and apply for S Corp status for 2022 only?
I’m looking for the easiest solution.
I already filled my personal tax return for 2021, and since there are no dividends I will not need to amend for a C Corp, is that correct?Thanks

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1 Best answer

Level 15

Jun 8, 2022 6:27:32 PM

See https://www.irs.gov/instructions/i2553#idm139855003794080

Note that you are required to file an 1120 and it is late at this point (unless you filed an extension). You should file that return as soon as possible.

Level 15

Jun 8, 2022 6:27:32 PM

See https://www.irs.gov/instructions/i2553#idm139855003794080

Note that you are required to file an 1120 and it is late at this point (unless you filed an extension). You should file that return as soon as possible.

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1120 or 1120S?

I opened my C Corp mid 2021, intending to file as a S Corp, but due to reasonable circumstances I never sent 2553 or my Corp tax return.