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I have a single member LLC and want to make a S-Corp

election. The LLC was formed...
I have a single member LLC and 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. Business activity started in 2017 and a return for 2017 has not yet been filed. My thinking is that I should elect s-corp status 1/1/2017 otherwise I will have to file a 1120s for 2016 and likely incur a late filing penalty. Is there a late s-corp election relief revenue procedure to make a late S-Corp election effective to 1/1/2017? I'm not sure rev. proc. 2013-30 is the best fit.
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Answered in 7 minutes by:
3/14/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,032
Experience: Adjunct Professor
Verified

Hey! Yea, you can make it effective on 1/1/17, but you do need to use 2013-30. That's the late election allowance. The IRS tends to be pretty liberal with allowing it if you file as an S Corp and attach the 2553 with it. You should have some reasonable cause for not filing it timely. It would be late for 1/1/18 by now as well, so your best bet would be to file it for 1/1/17, on the top of the Form 2553 write FILED PURSUANT TO REV PROC 2013-30.

Let me know if you need anything else. If not, please leave a rating. Thanks!

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Customer reply replied 1 month ago
Can the reasonable cause be a simple (and lame) as the taxpayer thought they filed the election but later discovered that they had not?

Yup, I've seen those approved, especially if they thought someone else was going to file it.

Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,032
Experience: Adjunct Professor
Verified
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Customer reply replied 1 month ago
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Carter McBride
Carter McBride
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Category: Tax
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