Hello!
I have a taxpayer who incorporated as an single-member LLC in April 2022 as a roofing company. Taxpayer did not anticipate to make over $100K in his first year and therefore, he did not submit form 2553 upon incorporating. Taxpayer was recently informed that he should opt in to be taxed as an S-Corp due to it tax savings benefits since he did make over $100k. Can taxpayer submit form 2553 now? If so, what reason will taxpayer need to include for reason he is filing form 2553,late? Thank you in advance
