Regarding S corporation and benefit of a good tax accountant, I think with an S corporation, you optimize by having someone skilled handle the tax return and its accounting for you. If your S corp decision is a good one, you can and should (in my opinion) use $1K or $2K of your $10K or $12K S corp savings to have your returns done right.
Watson CPA materials say that there is a way to do late S corp election (for example, to elect to be S-corp for 2017 today, Feb 11 2018 ). I am still trying to figure out how much hassle it is, and whether success rate is reasonably high, and what the worst case scenario would be.
What are your thoughts on it?
My current accountant knew in May 2017 that I was already making enough money for S corp, but he said that it was too late (i.e., past March 15, 2017) to elect S corp.
I wonder why accountants do not recommend going the Late S Corp Election route?
In my particular case, if I were to do late S corp election now, and would be successful in executing it, then I would save ~$5k+ in tax even after paying extra $$ to a CPA for doing all these steps. Therefore, I am very interested in figuring this one out.