LLC trying to elect c corp status, can it be done for the previous year?

[sscf]

As per the title, we are trying to file as c corp. this is our first year in business. Our tax year is last June to this june so not yet fully done. I’m finding different timelines online. Thanks!

[Mike9241]

you had to make an entity election within 75 days of the start of the tax year. so the election is now late.

you need to file form 8832 and ask for late election relief. It's up to the iRS to grant or deny this late election

see 8832 instructions. especially the late election provisions.

https://www.irs.gov/pub/irs-pdf/f8832.pdf 

[sscf]

I see, thank you for the info, that makes sense. I'm a little unclear now though if I should file a c corp return with the election then or llc since it seems like one of the requirements is filing with the wanted designation, and I am fine with that but am wondering what happens then if it is denied. Thank you again for the help.

[Rick19744]

You need to read the instructions that @Mike9241linked for form 8832; especially the section on late election relief.

Complete the form / election and make sure you send the election / form certified mail return receipt requested.

You should not file any return until you receive a response from the IRS.  That response will indicate the entity type, which will then dictate which tax return to file. 

[sscf]

Hi, thank you for the response. I have read those instructions and based on them, timely filing is still required with the assumed election for eligibility. Would the turnaround time really be fast enough for this, especially if instead of a custom year I would want to use calendar year for example, that I could wait for their response. 

[Rick19744]

Some follow-up comments:

• You asked if the tax return should be filed with the election.  The answer is "no" since your "requested" tax year end has not even been reached.
• You are filing the form requesting a late election request.  No tax return should be filed until you receive a response from the IRS.  This is due to the fact that you don't even know at this point if your entity structure is an LLC taxed as a partnership or a C corp as currently being requested.
• Turn around time at the IRS depends on many factors; so this is an unknown.  Regardless, you have months before the original due date of your requested year end tax return is required to be filed.  Even at that point you can request an extension.
• Bottom line.  Complete the form, make a copy for your records, send the form certified mail return receipt requested.