topic s corp late election? in Business & farm

s corp late election?

kizfaka — Fri, 21 Jul 2023 02:30:39 GMT

Hello.

I am filling out form 2553 to elect S-Corp treatment for my new LLC.

My new LLC has an effective/incorporation date of 06/22/2023. It is my understanding that for a newly formed corporation, the S-Corp election needs to be filed within 75 days.

If that is correct, then it is my understanding that Part 1 section I of form 2553 can be left blank because it is not applicable to my case.

And I can just send the form the appropriate address. Any other tips? Should I fax or mail?

Thanks

Re: s corp late election?

Mike9241 — Fri, 21 Jul 2023 02:50:04 GMT

you are correct that the section can be left blank. I would fax it.

Re: s corp late election?

Rick19744 — Sat, 22 Jul 2023 17:07:13 GMT

If you fax it, you better have some documentation that reflects the fax went through.

I would recommend you mail it certified mail return receipt requested. This way someone at the IRS signs for it and you know it was actually received.

The taxpayer always has the initial burden of proof and mailing it as reflected above is inexpensive insurance.

Section 7502 of the statute and regulations discusses timely filing of documents and I would recommend you follow those procedures:

Section 7502 provides that, if the requirements of that section are met, a document or payment is deemed to be filed or paid on the date of the postmark stamped on the envelope or other appropriate wrapper (envelope) in which the document or payment was mailed. Thus, if the envelope that contains the document or payment has a timely postmark, the document or payment is considered timely filed or paid even if it is received after the last date, or the last day of the period, prescribed for filing the document or making the payment.