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In order for my client to be set up as an S Corp, he must first file with the IRS a form 2553, correct? If he did so now, would he be able to claim the expenses for 2022 as an S Corp if approved, or will he have to wait until after 2023? Yes, I know the 1120 S is due by 03/15/2023 for 2022.
Thank you for any clarification.
LJ
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Yes, 2553 is used to make the election.
If the corporation existed all of 2022, the S-election for 2022 was due March 15th, 2022. *IF* the taxpayer meets the qualifications, there is a "late election", but nothing in your post indicates that they qualify for that.
https://www.irs.gov/instructions/i2553#idm139855003380112
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"would he be able to claim the expenses for 2022 as an S Corp if approved, or will he have to wait until after 2023?"
There is filing date. There is approval date. There is Election date, for when you want it to be effective. So your answer might be "none of the above."
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