Sanders for Congress - Keep Hope Alive!
Israel Justice Minister Pledges Israel's Support for International Rights and Redress Campaign for Jewish Refugees from Arab Countries
Israel Justice Minister pledges support to over 40 Jewish leaders from 10 countries seeking to secure rights for nearly one million Jews displaced from Arab countries.
The Bush There Or Here Fallacy and the War in Iraq
Today we wish to examine a fallacy, or error in reasoning, which we have found springing up now and again in today's popular discourse about the so-called War On Terror. This one comes straight from the top -- well, not the VERY top -- but from Washington D.
Barack Obama's Statement on the President's Veto of the Iraq War Funding Bill
Barack Obama: "With one stroke of his pen, President Bush has stubbornly ignored the will of the American people, the majority of Congress and, most disturbingly, the realities on the ground in Iraq."
Israel Termed A 'Nuclear Power' By US Officials
In the last two weeks, two non-senior US officials indirectly called on Israel to start planning on cancelling its nuclear weapons programs. Even though they said this is not intended for 'the foreseeable future', their publicly terming Israel a nuclear power on a par with India and Pakistan might be a sign that the US perceives of nuclear issues as too serious to condone the double standards it employs freely on other issues.
Checks for Summer – Memories and Patriotism
Personal checks are just one of the ways to extend your beliefs and ideals to the many people who will receive your checks. Following the themes and landscapes of the seasons, making check choices is better than ever.
Getting a corporation designated as an "S" can be a bit confusing. If you are committed to getting an "S" corporation, here is how you do it.
"S" Corporation
The "S" in S corporation refers primarily to a tax designation. While electing to be an S corporation does have legal implications, such as no more than 75 shareholders, the designation really concerns pass through tax issues. Put in layman's terms, the designation simply means the corporation will "pass through" its taxes to shareholder in proportion to their ownership interests. This allows shareholders to claim profits and losses directly on their taxes and avoid the double taxation of a C corporation.
To become an S corporation, you must file an election with the IRS. Typically, no documentation is require to be filed with any state entity, but make sure to check you particular jurisdiction. Regardless, the filing with the IRS is made using form "2553 – Election by a Small Business Corporation."
To fill out form 2553, you will need to supply the following information:
1. The name and address of the corporation,
2. The tax year to be covered by the election,
3. The date the corporation first had shareholders or began doing business,
4. The name, address and social security number of EACH shareholder, and
5. The signature of EACH shareholder.
If you have shareholders located around the country, making an "S" election filing can be problematic. Getting everyone to sign off on the document can take time and time is not on your side.
Time Requirements
The IRS puts strict deadlines on filing "S" elections. In technical terms, the election must be filed before the 15th day of the third month of the tax year for which you are electing the status. Ah, the IRS is so poetic.
In laymen's terms, you should file the election within 75 days of the incorporation. From a practical point of view, I suggest you get the election signed and filed as absolutely soon as possible. You should also file the election through registered mail so you have a little proof if the IRS claims a late filing.
I don't know why, but the IRS gets cranky when it comes to S elections. If you follow the above steps and get the filing in as soon as possible, you should be okay.
Richard Chapo is with http://www.sandiegobusinesslawfirm.com - providing legal services to San Diego businesses.
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