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I have an LLC that I want to make a S-Corp election. The LLC…

I have an LLC that...
I have an LLC that I want to make a S-Corp election. The LLC was formed August 2016 but no return was filed for that year due to no business activity. A return for 2017 has not yet been filed. Is there a revenue procedure to make a late S-Corp election effective back to the date of formation? Should a zero return be prepared for 2016?
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3/14/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,746
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

An LLC is a disregarded entity for tax purposes.

My best advice would be to make the S Corp election effective as of 1-1-17 rather than August of 2016. In this way, you will avoid the late filing penalty of the S corporation return (Form 1120S) for 2016. S corporations MUST FILE a tax return whether or not there is business activity.

You will make the S corp election on Form 2553 and request late election relief.

https://www.irs.gov/pub/irs-pdf/f2553.pdf

Mail Form 2553 to the IRS as soon as possible. I recommend mailing by Certified Mail, Return Receipt Requested. Also include a copy when you file the 1120S. The due date for filing Form 1120S is March 15, 2018 (tomorrow).

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,746
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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