85 \\ S Corp Election Explained: Avoid IRS Mistakes When Your LLC Goes S Corp
- Author
- Tiffany Phillips - CPA, Small Business Money Mentor, Financial Expert
- Published
- Thu 07 Mar 2024
- Episode Link
- https://smallbusinessfinance.podbean.com/e/85-the-s-corp-election-is-your-llc-in-irs-compliance/
Thinking of electing S Corp status for your LLC? This episode breaks down what every small business owner needs to know to stay in IRS compliance. Learn why community property laws mean your spouse may need to sign Form 2553 even if they don’t own part of the business, how to avoid costly mistakes when filing, and what to do if you discover years later that you missed this step. We also cover what happens during an IRS audit, why a letter ruling might help, and the key tax strategies to protect your S Corp election. If you want clear cpa advice on S Corp elections without all the confusion, this episode will help you protect your business and avoid risk. 🚀
Next Steps:
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