I am a single member LLC and was suppose to file as S-Corp and instead in did 1120 C-corp and filed. How can I change?

[bwindsor1202]

I would like to have a K-1 so in order to do this it would need to be an S-Corp is it to late. I submitted an 2553 also.

[JulieH1 · Accepted solution]

Ok.  Our answers overlapped a bit so I am editing the comments.

If you were in business in 2017 and did not elect to be treated as an S Corp last year and just sent your election with your taxes, it is too late to be treated as an S-Corp for 2017.

In order to be treated as an S corp for 2017, you would have needed to Complete and file Form 2553:

• No more than 2 months and 15 days (March 15, 2017) after the beginning of the tax year the election is to take effect, or

• At any time during the tax year(2016) preceding the tax year it is to take effect.

If you have filed now, you should be ok for 2018.

[bwindsor1202]

SUBMITTED THE FORM WITH THE TAXES

[JulieH1]

Please see new comments.  My screen did not refresh and I did not see your last comment about when you sent in the 2553 before my first answer.  See edit.  Sorry!

[bwindsor1202]

When I spoke with a CPA they said we could still do it for 2017 by putting a specific explanation and it would be used. So thats why it was submitted with the return. Also I am trying to Amend and there is no place to change the type of business.

[JulieH1]

I have seen that work.  The worst they can say is no.  If you are going to try the amendment, you hand write the information across the top.