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    6 Replies Latest reply on Mar 16, 2011 11:30 AM by Jewel20

    Can I file with the IRS for an S-Corp to make 2009 earnings

    70K951 Newbie
      I just started the business late last year. Here is the business background.
      I provide consulting services for a set hourly rate.
      I am currently a "sole proprietor" I have a separate business account (BoA) for all business income, ect. All financials go into this account.
      All checks are paid to my business.
      I am the only employee. I do not plan on having employees in the future.

      So far I have invoiced approx. $100K in labor charges for the year. I have taken cash draws of $35K so far. I have not paid any taxes so far. Because I have very few expenses, I plan on doing the books on myself. t just bought Quickbooks Pro 2010 to manage my business.

      I would like apply for a LLC with the state of washington, and then file IRS form 2553 to classify my business as a S-Corp.

      The question is this, will the IRS let me classify my business as a S-Corp for 2009? or will it only become effective after it get approved?