Late S-Corp Election

Forum|Forum|2 years ago
September 5, 2023
2 replies
21 views

What is the best way to file for a late S-Corp election? Corp incorporated on 05/12/2022. 2022 Return has not been filed yet.

I have read several ways to get it, but just want to be sure before I file it. Some say to file form 2553 with it attached to the 2022 return. Other says to mail it into the IRS and wait for a response.

I was going to put this on the 2553. "FILED PURSUANT TO REV. PROC. 2013-30."

Suggestions?

Thanks in Advance!

ProSeries Professional

This topic has been closed for replies.

sjrcpa

Level 15

What's their reason for making a late election?

The more I know the more I don’t know.

Y

yeknodAuthor

Level 5

Meant to be a S-Corp from the beginning. But forgot to file the 2553.

T

TaxGuyBill

Level 15

Just a few questions that you may consider to verify that they qualify for the late election:

Is this a corporation or an LLC? Was an extension filed for the 1120-S? Is this a calendar year return?

And as Susan asked, do they have "reasonable cause" for not making the election on time, and why has it not been filed until now?

Accountant-Man

Level 13

I have done this only once, and it was successful.

We filed the original 1120S with the 2553, claiming late filing exception, "Rev. Proc. 2013-30." The LLC started paying its owners as employees from Day 1, even though they had not filed the 2553 yet.

Therefore, the first tax return had to be an 1120S and not a 1065 since partners cannot have wages.

It worked.

Attachment and F2553: "Always intended to file as an S corp but checked the wrong box. Always paid wages. This was the Initial Year of the company."

Also filed 3/2/2018, not extended.

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