Level 7

form 2553- Election S Corp

Forum|Forum|2 years ago
July 28, 2023
2 replies
9 views

I am hoping you can help me with:

I formed CA corporation General-Stock on 05/10/2023 and on 07/25/2023 EIN received since client canceled his previous EIN and took time to be done. Now he wish to elect S-Corp, should I file late S Corp election "FILED PURSUANT TO REV. PROC. 2013-30." If Yes what would be the date on line E?

01/01/2023 or 05/10/2023.

ProSeries Professional

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sjrcpa

Level 15

You can't be an S Corp before the corp was formed.

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

HOPE2Author

Level 7

I mentioned that it was formed on 05/10/2023.

sjrcpa

Level 15

"I mentioned that it was formed on 05/10/2023."

Yes you did. Ergo 1/1/23 is not an option.

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

T

TaxGuyBill

Level 15

Did you say that YOU formed the corporation? Beware of practicing law.

Why did the EIN need to wait? I can't imagine why a new corporation couldn't get an EIN immediately, without a need for the owner to cancel some other EIN.

Personally, I don't see anything as qualifying for the late election. There doesn't really seem to be a reason why it wasn't filed on time, plus you said "now" he wishes to file as a S-corporation, rather than "he has always intended" to file as a S-corporation.

HOPE2Author

Level 7

Client had an LLC under the same name. He closed LLC single member then sent a request to cancel EIN then asked a new EIN that is why took long time. I explained before. Corporation formed on 05/10/2023 and two days ago he received a new EIN. Now he wants to take S-corp election. the 75 days as of 05/10/2023 passed so should file late election? If yes what date should enter on line E?

Thanks for your help.

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