Form 2553 S-Corp waiting for approval, do I file extension?

I am mailing off the 2553 Form to the IRS tomorrow for S-corp election of my single-member LLC. The deadline for business tax returns is March 15th. I don't think I will be getting a response from IRS in 5 days.

What do I do in the meantime? Tax deadline are approaching.
What if I don't hear back by April?
Should I file my LLC as a Schedule C in the meantime, file an extension for my Schedule C, or should I file an extension as an S-Corp return (not sure if I can do this since I am technically not an S-Corp yet)?

P.S. to make matters worse, our CPA filed an 1120-S last year without filing the 2553 Form. So I am not sure if I should just go back to Schedule C for now or just file extension of 1120-S on March 15th.

Hope that makes sense, THANK YOU!

197

Level 15

Mar 10, 2022 10:31:57 PM

did you read the instructions for form 2553 regarding late elections

https://www.irs.gov/pub/irs-pdf/i2553.pdf

by te way as an LLC the CPA should also have filed form 8832

there are specific steps that must be taken

failure and the IRS could treat the 2020 S-corp filing as invalid and tax all that income to you as if you filed a schedule C and improper filing for 2021 could also be deemed invalid

I strongly suggest you seek the services of a pro to review your situation

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Form 2553 S-Corp waiting for approval, do I file extension?