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Level 3
May 27, 2020
Question

late election of s corp. for prior years

  • May 27, 2020
  • 1 reply
  • 14 views

Under the TCJA of 2017, there are advantages for converting c corp. to s corp. The 20% QBID and bonus depreciation for instance. Is it still possible to file late election of s corp. from c corp. for 2018 and 2019 and then amend  the tax returns to claim for more deductions?

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1 reply

sjrcpa
Level 15
May 27, 2020

You need a good reason for a late election to be accepted. I don't think "the tax law changed and I didn't pay attention" will cut it.

The more I know the more I don’t know.
GematorAuthor
Level 3
May 30, 2020

Thanks so much.