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Lee is starting a small lawn service. On the advice of his accountant, Lee has formed a corporation and made an S corporation election. The
Lee is starting a small lawn service. On the advice of his accountant, Lee has formed a corporation and made an S corporation election. The accountant has asked Lee to consider electing a fiscal year ending on the last day in February. The accountant pointed out that Lees business is likely to slow down during the winter. Also, the accountant indicated that the February year end would permit the accountant to do Lees accounting work after the busy season in accounting is over. What tax issues should Lee consider? Please provide detailed answer with CFR or regulations relating to content provided in
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