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Level 2
September 12, 2021
Question

S-Corp tax return and S election is after begining of tax year; causing an error. how do i clear error?

  • September 12, 2021
  • 1 reply
  • 15 views

Calendar year end new S-Corp for 2020; IRS S election is effective Jan. 14, 2020.  I'm getting error message in that date field that the S election is later than the beginning date oft he tax year.  It needs to be the actual date effective by the IRS.  how do you make that error go away?  

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1 reply

September 12, 2021

Was the corporation formed on January 14th? 

If so, did you indicate that on the tax return, and did you enter that you preparing a "short year" tax return?