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06-01-2009, 07:53 PM
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#1 |
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Registered User
Join Date: Feb 2009
Posts: 1
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SEP-IRA conitrbution
A C-corp ran on a fiscal year between July 1st to June 30th.
Their 2007 tax return (fiscal year 7/1/2007 to 6/30/2008) was due on 9/15/2008. With the extension, the due date became 3/15/2009. (1) The C-corp could still make 2007 SEP-IRA contribution for it's employees before 3/15/2009 (the deadline of their tax return with extension). Is it correct? (2) If the C-corp has been converted to an S-corp before 3/15/2009, can the S-corp make the year 2007 contribution for the employees? Thank you. |
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06-23-2009, 02:43 PM
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#2 |
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Registered User
Join Date: May 2007
Posts: 124
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Can I assume the S-Corp is going to have an effective start date of 1/1/2009, meaning you'll have a short return for the C-Corp?
But then, you are asking about the 2007 SEP contribution for the year ended 6/30/2008, right? To answer that, I think we'll need to know the year-end for the SEP. It might be different than the C-Corp. If the SEP year end is the same as the old corporation, you can make the contribution for 2007. It sounds like you have 2 SEP contributions yet to be made: FYE 6/30/2008, and the period, 7/1/08-12/31/08. Regarding the S-Corp: You can still make SEP contributions, but the deductibility gets a little tricky for owners. Still deductible, just complicated. Take this advice for what it's worth. There are a few variables missing, and there may be other complications I'm not considering. |
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