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What is the ruling to use for a LLC not want to file a late

S election for 2016. the...
what is the ruling to use for a LLC not want to file a late S election for 2016. the LLC does not file an extension for the S corp.
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Answered in 12 minutes by:
9/10/2017
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,969
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I'm not sure I follow. Can you maybe re-state the question?

...

YOu said "NOT want to file a late S-Corp..." What exactly is the objective?

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Customer reply replied 3 months ago
Typo. An llc have not file 2016 extension for s corp and also has not file s election for 2016. What revenue ruling procedure can we use .

Hi,

...

In 2013, IRS consolidated the provisions of a number of previous revenue procedures for requesting relief for late S elections under Sec. 1362, late qualified subchapter S trust (QSST) elections, late electing small business trust (ESBT) elections, late qualified subchapter S subsidiary (QSub) elections, and late corporate classification elections (Rev. Proc. 2013-30).

...

In general, the revenue procedure expands the time for requesting relief for these late elections to 3 years and 75 days after the date the election was intended to be effective. However, for a simple late S election request, if certain requirements are met, there is no deadline for requesting relief.

...

Among the general requirements is that the requesting entity must include a reasonable cause/inadvertence statement , just under line 8, signed under penalties of perjury describing its reasonable cause for failing to timely file the S election on Form 2553, "Election by a Small Business Corporation."

...

You'll also want to detail there what you have done to be sure that you are compliant going forward.

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,969
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Customer reply replied 2 months ago
Thank you
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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
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12,969 Satisfied Customers
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