Attorneys Corporation Service, Inc. is accepting future filings for corporations!
There are a few perks to being a corporation, at least in the eyes of the IRS. As many tax attorneys and CPAs are aware, the IRS allows certain corporations that qualify to submit the corporations to file taxes before the April deadline and receive a tax ‘benefit’ of sorts.
Want to know more? If you send us you or your client’s filings now, our experienced team will send the filing to the S.O.S. today. The State will review the filings for any problems so that they can be corrected before the 12/19 tax cutoff! Any filings sent to the S.O.S. on or after 12/19/11 will be considered as a 2012 filing and will not be liable for 2011 taxes.
Here’s how you know if your client’s corporation qualifies:
Corporations with a first tax year of 15 days or less (15 Day Rule) will not have a filing requirement if they meet both of the following:
- Incorporates within the last 15 days of their tax year, and
- Conducts no business during those 15 days
Additionally, in California, the corporation’s Articles of Incorporation must be filed with the California Secretary of State on or after the Month Incorporated and Tax Year Ending in January, March, May, July, August, October, and December (31-day month) on the 17th day of the month or after.
Since a corporation that meets the 15-day rule is not required to file a tax return, the IRS does not consider this time period the first tax year. The following tax year will be considered the first tax year and will not be subject to the minimum franchise tax.
For more information on future filings, contact our knowledgeable tax filing team.