A small business that used to file Schedule C every year. it was approved (incorporated) as an S-Corporation on 12/15/2014. Does it need to file S-Corporation income tax return (1120S) for the year 2014? Thank you.

To qualify for relief from the late filing of Form 2553, the biz must be the biz meets the S-Corp eligibility criteria; the biz intended to be classified as an S-Corp as of the intended effective date of the S-Corp election; the biz failed to qualify as an S-Corp solely because it did not file Form 2553 in a timely manner;less than 24 months have passed since the original due date of Form 2553;the biz either has reasonable cause or inadvertently failed to file Form 2553 in a timely manner;the biz has not yet filed tax returns for the first tax year for which it intended to file as an S-Corp, or the biz has filed its first tax return using Form 1120S and the shareholders properly reported their share of income in a manner consistent with the corporation's intention to be an S-Corp; form 2553 is filed not later than 6 months after the due date (without regard to extensions) of the first tax return for which the biz intended to file as an S-Corp, and shareholders and other taxpayers have not reported their income in a manner inconsistent with the biz’'s intention to file as an S-Corp.If the biz meets these requirements, then your llc should file IRS Form 2553 by writing at the very top of the form the following words: FILED PURSUANT TO REV. PROC. 2003-43 and you need to attach a statement indicating that the corporation either had reasonable cause and spell out the circumstances or inadvertently failed to file Form 2553 in a timely manner

Can I transfer all financial information from my self-employed business (File Schedule C) to the new elected S-Corp? because I got approval to be an S-Corp on 12/15/14. Thanks.

i do not think you can transfer all financial information from your Schedule C to the new elected S-Corp as the words incorporated and Sch C do not go together; they are mutually exclusive. Aypu, as an individual who owns a sole proprietorship businessneed to report income and expenses of that business on Sch C attached to your Form 1040. An individual who owns stock in a
corp, even if he is the sole shareholder, does not use Sch C to
report income from a business conducted by that corp. A corp
is a person created by the State; it has title to its own assets, may
carry on a business, and reports income and expenses of that business on its Form 1120sand pays its own taxes.