Gemator
Level 2
05-27-2020
11:32 AM
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Under the TCJA of 2017, there are advantages for converting c corp. to s corp. The 20% QBID and bonus depreciation for instance. Is it still possible to file late election of s corp. from c corp. for 2018 and 2019 and then amend the tax returns to claim for more deductions?
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sjrcpa
Level 15
05-27-2020
12:15 PM
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You need a good reason for a late election to be accepted. I don't think "the tax law changed and I didn't pay attention" will cut it.
The more I know the more I don’t know.
Gemator
Level 2
05-30-2020
05:33 PM
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Thanks so much.
