Answers · S corporations
Late S Corporation Election: What Are the Options?
S status is generally elected on Form 2553; qualifying late elections can receive relief under Rev. Proc. 2013-30.
This question is answered in full on the main page for it.
How it works
The rule, and what it turns on.
Eligibility, shareholder consents, effective date and filing history matter. Late relief is procedural and not automatic.
Example
A calendar-year entity wanting Jan. 1 S status generally targets the Form 2553 deadline 2 months and 15 days after year start; a missed filing may qualify for late relief.
Common mistakes
What we see go wrong, and what we do instead.
- Missing shareholder consents.
- Backdating forms without analyzing relief.
A better approach
- Use Rev. Proc. 2013-30 when all conditions are met; otherwise consider other IRS relief procedures.
Authority
Where this comes from, so you can check it.
IRC §1362; Form 2553 and instructions; Rev. Proc. 2013-30 for qualifying late elections.
Educational information, not individualized tax advice. Treatment depends on your facts, entity classification and tax year, and IRS instructions change. Confirm your own position with us before relying on it. Mint Associates does not provide legal services.
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