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If the election Form 2553 has not been timely filed, the corporation must generally request relief for the late election by requesting a private letter ruling and paying a user fee in accordance with Rev. Proc. 2008-1, I.R.B. 2008-1 (or its successor). However, certain relief provisions are available.
If the Form 2553 has not been timely filed, a corporation's Form 1120S cannot be accepted and processed by the Service Center. The Service Center will notify the corporation of the invalid S election and the corporation should follow these steps:
File a copy of the Form 2553 with the initial Form 1120S. On the Form 2553, provide a statement establishing reasonable cause for the failure to file the Form 2553 timely.
Note: To qualify for this relief provision, the Form 1120S and attached Form 2553 must be filed within 6 months of the due date of the Form 1120S (excluding extensions).
Rev. Proc. 2007-62, I.R.B. 2007-41
So does this mean when I file my 2011 tax return for my S-Corporation (due March 15th, 2012), I just attach another 2553 and a statement saying why it's late?
I guess I'm still a little un-sure about this. Still kinda confused on why its late.
What would happen if I incorporated my business in November 1, 2011. On Novemember 3, 2011 I filed out the 2553 and elected to be taxed as an S-Corporation for all of 2011. Would I still file the 2553 under a rev-procedure then because it would be considered late (past March 15, 2011?)