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Incorporated S-Corp in New Mexico this last year but didn't file form 2553. We didn't make any income on our business, as we're waiting for market. How to file 1120?

Can I file form 2553 with the 1120 and be covered for this tax year as well as next year? We didn't make income but we invested over $20,000 into the business equipment.
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AmyT
New Member

Incorporated S-Corp in New Mexico this last year but didn't file form 2553. We didn't make any income on our business, as we're waiting for market. How to file 1120?

There is relief available for you, since you intended to be taxed as an s-corporation but inadvertently failed to file Form 2553 to make the election.

You will file the corporate return using Form 1120-S, with Form 2553 attached.  (Note:  You will need to file a paper return this year in order to make the election).

When you file the return, you will need to write the following statement at the top of Form 2553:   "FILED PURSUANT TO REV. PROC. 2013-30".  You will also attach a statement indicating that the corporation either had reasonable cause (and spell out the circumstances) or inadvertently failed to file Form 2553 in a timely manner. Both Form 2553 and the attached statement must be signed by every shareholder. 

This article (https://www.thebalance.com/forming-an-s-corporation-3193223) provides a lot of good information on the subject.

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1 Reply
AmyT
New Member

Incorporated S-Corp in New Mexico this last year but didn't file form 2553. We didn't make any income on our business, as we're waiting for market. How to file 1120?

There is relief available for you, since you intended to be taxed as an s-corporation but inadvertently failed to file Form 2553 to make the election.

You will file the corporate return using Form 1120-S, with Form 2553 attached.  (Note:  You will need to file a paper return this year in order to make the election).

When you file the return, you will need to write the following statement at the top of Form 2553:   "FILED PURSUANT TO REV. PROC. 2013-30".  You will also attach a statement indicating that the corporation either had reasonable cause (and spell out the circumstances) or inadvertently failed to file Form 2553 in a timely manner. Both Form 2553 and the attached statement must be signed by every shareholder. 

This article (https://www.thebalance.com/forming-an-s-corporation-3193223) provides a lot of good information on the subject.

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