I recently formed a single-member LLC (on March 8, 2022) and am trying to file form 2553 to have the LLC be classified as an s-corp. My LLC paperwork was filed with calendar year-end (Dec 31) as the end of the fiscal year by default, rather than having the fiscal year end on Sept 30 (what my CPA advised due to retail sales cycle; I sell consumer products on Amazon marketplace) due to an administrative error. I was told that I could change the fiscal year end date to be Sept 30 on with form 2553 when I make the s-corp election. But after reading through the instructions multiple times, it looks like I cannot get automatic approval for this change to new fiscal year date since the LLC is a newly formed entity and do not have any business history. What would be the best way for me to update my fiscal year-end date for my newly formed single member LLC from Dec 31 to Sept 30? Is section 444 election the only way? It looks like taking the section 444 election requires me to file another form (form 8752) every quarter (?!) for estimated tax payments that may or may not be required each quarter. I am trying to reduce filing forms multiple times if possible. Or am I stuck with 12/31 as my fiscal year-end date? Can anyone help?
You are stuck with it if you do not make the Section 444 election.