S-corp question for JoeF

G

GaramChai2go

Registered Users (C)
Hi Joef,
I have read some of your arguements of s-corp on ead.
One of the CPAs I talked to said s-corp is ok as irs is only concerned about residency with respect to tax not immigration. My question- do you know links on IRS or uscis or somewhere else based on which you have made the conclusion? So far I could not find out anything.
Pls reply asap.
thx
 
Wow - that was fast

I was trying to search more info, now I got it. Thanks for sending those great links. Thank you very much. I am going to read them thoroughly.
I may bug u with some more questions as others have been doing too........
 
Joef,
Suppose I opt s-corp today on EAD and somehow if I get GC within this calendar year (as is the requirement in 301.7701), will that be ok? Or in case if I do not get it, can I opt it to change back to c-corp when I file year-end taxes. This may be a dumb question.
Pls reply when u get a chance.
 
GaramChai2go said:
Joef,
Suppose I opt s-corp today on EAD and somehow if I get GC within this calendar year (as is the requirement in 301.7701), will that be ok? Or in case if I do not get it, can I opt it to change back to c-corp when I file year-end taxes. This may be a dumb question.
Pls reply when u get a chance.
Click to expand...


You can do it the other way around. You can make it C corporation now. and once you get the GC, you can make the company retrospectively make S corp and refile your personal taxes, amended with company income (loss).

My accountant also said most people just apply for S corp even when they are in h1s. IRS dont care about your visa status. But i decided to play it safe.
 
thanks ajlabs

Ajlabs, thanks for reply.
So it means tax return can be amended in later years.
BTW I was reading somewhere on internet C-corp can be better than S-corp with respect to taxes if someone is doing consulting and filing jointly with spouse? What are your thoughts on this? I am doing some more research.
 
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