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I started an LLC in March of this year. On September 23, 2011

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I filled out form 2553...
I started an LLC in March of this year. On September 23, 2011 I filled out form 2553 to be taxed like an S-Corporation. I wanted it to be effective starting 1/1/2011. However, I just got a letter back saying it was denied because it was not timely filed and wont be effective until 1/1/2012 (1 year later than I would like).

Is there anyway to fix this? I've done some searches and I think you can apply for a Revenue Procedure??
Submitted: 6 years ago.Category: Tax
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Answered in 17 hours by:
12/2/2011
Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,205
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello and thank you for using Just Answer.

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

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Customer reply replied 6 years ago

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?

 

 

Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 years ago
That is correct.
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Customer reply replied 6 years ago

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?)

Tax Professional: Robin D., Senior Tax Advisor 4 replied 6 years ago
Yes you would still need to file the 2553 with the return.
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