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New Member
posted Jun 4, 2019 6:56:58 PM

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?

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.

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1 Best answer
New Member
Jun 4, 2019 6:57:03 PM

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.


5 Replies
New Member
Jun 4, 2019 6:57:03 PM

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.


New Member
Jun 4, 2019 6:57:04 PM

SUBMITTED THE FORM WITH THE TAXES

New Member
Jun 4, 2019 6:57:08 PM

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!

New Member
Jun 4, 2019 6:57:11 PM

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.

New Member
Jun 4, 2019 6:57:13 PM

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.