Arena for dumb/silly questions that need answers

[diligentbiz]

I have a Calif. Corp. client who can't identify if he's S or C. He provided me a copy of his filing (Form SI-200 C). There's an "S" in the upper-rt. corner of the State logo box. Does this reference S-corp? If I understand (maybe not), he would be a disregarded entity and what he drew from the corp. would be reported on Sch. C?

I've specialized in sole-props since '68; stayed successfully shy of corps. With rising costs I face, took this one on mid-year.

[ann newman]

I don't know how much it helps but I looked up a blank SI-200 C and It comes with an "S" in the upper right corner so I don't think it has any tax significance. The instructions include rules for publicly traded companies and there are unlikely to ever be any publicly traded "S" corporations due to the number of shareholder limitations. I suspect your client is not an "S" corporation if they have no recollection of making or filing an "S" election. If they had been an "S" corporation, they would NOT have been an disregarded entity - they would have filed an 1120S (DUE March 15th) and the income would flow through on a K-1 to their individual return. If they are not an "S" but a regular corporation, then they file an 1120, which was also due March 15th. Is this their first year of operation? If not, what did they file last year?

[diligentbiz]

This is his first year. He owns all the stock, not publicly traded. No employees. I filed a Form 7004 extension while I try to gain more data from him. Since I posted this message, I got a copy of his IRS CP 575 A (Assigned EIN). It states he will be filing an 1120. ~ THANKS for you input.

[grandmabee]

This is his first year. He owns all the stock, not publicly traded. No employees. I filed a Form 7004 extension while I try to gain more data from him. Since I posted this message, I got a copy of his IRS CP 575 A (Assigned EIN). It states he will be filing an 1120. ~ THANKS for you input.

When was the 7004 filed?

[diligentbiz]

March 11