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It is too late to make a timely S Corporation election, but you may be able to make a late election. The basic requirements are that it is less than three years and 75 days from the original election date, that all income has been reported as if the election had been made, the entity intended to be classified as an S Corporation and there was reasonable cause for its failure to timely file the election on Form 2553. This is from the IRS:

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