Do you have non-employee shareholders (ie investors)? If not, it might be cheaper to elect S-Corp status and file as an S than it will be to continue doing your taxes as a C-corp.
(I'm almost certain that filing as an S-Corp is cheaper than as a C-Corp, but not as clear on the conversion cost, which might be trivial or might not.)
You need to talk to an accountant. Don't put this off. Being in the hole on taxes really, really sucks.
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Thank you. We are a C-Corp registered in Delaware. Would you have any recommendations on some service which can help with this.
Do you have non-employee shareholders (ie investors)? If not, it might be cheaper to elect S-Corp status and file as an S than it will be to continue doing your taxes as a C-corp.
(I'm almost certain that filing as an S-Corp is cheaper than as a C-Corp, but not as clear on the conversion cost, which might be trivial or might not.)
You need to talk to an accountant. Don't put this off. Being in the hole on taxes really, really sucks.
If you do end up switching as an S-Corporation, you must elect before March 15 to qualify as an S-corp for this year.
I'd consult an accountant.