Dear Tax Guru,

How can I convert my C corporation to an S corporation? What does it entail and how much does it cost??

Dear JCrawford,

Converting a C Corporation to an S Corporation requires filing Form 2553 both for your federal and the required state form.

Remember. all shareholders must consent to this election in order for the adoption of the change to occur.

There is no IRS Fee for this process other than the CPA's fees which would vary according to the size of the firm and state of practice.