What if you dont have any trust established like a small business entity just started, what to write there. Can i leave it blank or n/a?
Also if you can explain me part 4 in brief, would be grateful.
P.s. M choosing calender year to be taxed.
I do not understand your question and therefore doubt you understand the question you are asking. Do yourself and your enterprise a favor and engage an attorney and accountant now. It will save you in the lone run.
To the PROSPECTIVE client, please call with more details, and for an appointment. My PRELIMINARY answer to your question(s) is for general purposes and based upon the information you have conveyed. It is based on such limited information that it is a general answer, and should not be relied upon as a reason for your action or inaction. My response does NOT establish an attorney-client relationship and such may only be established by mutual agreement, and the signing of a written retainer agreement, which will generally require payment for our services, as this is what we do for a living and, just like you, we must get paid for our work.
I strongly believe in having a good professional team with you when you start your business. You should be able to get an accountant involved at the earliest of stages, and he/she will generally be added value to you, rather than a sunk cost. This is likely one of those times. Good luck.
Please understand that the information provided above is for general use only, and should not be relied upon for specific legal advice, as no legal advice is intended. The information is for general information and education purposes only. Please contact your attorney for advice on your specific legal problems. In addition, no attorney-client relationship is established through this question and answer/website, and any information you choose to furnish is not subject to any protection by the attorney-client privilege.
I do agree with the other advice you received that having a qualified and experienced tax professional on your side to assist you as you begin your business can be invaluable.
To answer your direct questions:
Part 3: You do not need to complete this section at all unless you are the income beneficiary of a trust making the election indicated in that section. If not, you can leave the section blank.
Part 4: This section is providing you with information that needs to be included if you did not file your Subchapter S election prior to 2 months and 15 days after the start of the taxable year in which you want the election to take effect. So, if you were making an election for a company with a calendar year that you wanted to start in 2017, the election should be filed by 3/15/17. If you are filing it later than that, you would want to follow the procedures for a late election, which are explained in more details in the instructions to Form 2553. You can find the Form 2553 and its instructions on the IRS website or by following this link: https://www.irs.gov/uac/form-2553-election-by-a-small-business-corporation
Please note this information is general in nature and based solely on the information you have provided. This does not constitute specific legal advice.
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