Hi everyone! I have two questions. Thank you in advance for replying back!
Is it possible to revoke the S Corp election of my LLC going back to the day 1, which was 1.5 years ? I understand, if it's doable, I'll need to refile 2018 return. The reason is that my business is still in the startup costs phase, it has expenses but not income and it would be cheaper for me to have a single member LLC for now.
And the second question, if I can revoke the S corp election and operate as a single member LLC until I actually open the business doors, will the IRS let me to elect the S corp as of a later date, like in 2020 or 2021?
Thanks!
