joshuabarksatlcs
Level 10

Is the F1065 being filed for an LLC ?

An LLC may elect to be treated as an S corp by filing Form 2553. 

This is from a Tax Advisor article available on the internet:

Deemed election to be treated as a corporation

An LLC that is eligible to elect S status and timely files an S election (Form 2553, Election by a Small Business Corporation) is considered to have made the election to be taxed as a corporation (Regs. Sec. 301.7701-3(c)(1)(v)(C)). These entities are not required to file Form 8832, Entity Classification Election. Other entities file the election to be taxed as a corporation on Form 8832 in accordance with Regs. Sec. 301.7701-3(c).

The fact pattern could make sense if the entity was an LLC, electing to be treated as S corp.  Form 2553 can be used for the purpose in lieu of using  8832.  But then, the election would be for 2023.

Perhaps the preparer either

(1) made a mistake (2022 elected instead of 2023); or

(2) Somehow correctly or incorrectly applied the late election relief per Rev Proc 2013-30.  I said correctly or incorrectly because I don't know if the Rev Proc would be applicable to the entity.  Therefore "correctly if it would be, and incorrectly if it wouldn't be applicable.  

Just a few thoughts from a half fried brain on 4/15 before the 4/18 deadline.

 


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