The election can only be valid at the start of the companies’ tax year, if the election is filed within the first fifteen days in third month of the companies’ tax year. This is to say that if the tax year begins in April, the election should be filed within the first 15 days of June.

The answer is yes, and it can be done in two ways:

One of the ways with which an S-Corporation Election status can be discontinued is when the shareholders of a company with more than 50 percent of the shares unanimously agree for discontinuation on the voting day.

If a company that has acquired its S-Corporation Election status goes against the regulations for qualification, then that company is involuntarily terminated. This canoccur in cases whereby the shareholders are neither citizens nor legal residents of the United States.

When this event occurs, the company is automatically discontinued; with the exception of companies who have profits going over 25 percent of the organizations gross receipts in three years. These companies can only be terminated at the start of the next tax year.

This can only happen five years after the company has sought for the discontinuation of the S-Corporation Election.

We are very professional in the service we proffer, and ensure that no table is left unturned in preparing your S-Corporation Election application. Our services offer to send the filing of this application to the proper authorities; IRS and state

Get our form to begin the process.

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