Question
2553 Election
ProSeries community - Here are the facts:
1. Company incorporated in 2017. Intention from the onset was to be treated as S Corp.
2. Sole owner of company operated under schedule C from 2017 through 12/31/2020.
3. There was 0 activity in corporation and no EIN was created.
4. Owner just applied for EIN last month.
5. Owner wants to be treated as an S corporation but it's been more than 3 years and 75 days.
Do we file as a C corp for short year 2017, 2018, 2019 and then -- make the election with 2020 with form 2553 attached? all returns will have zero activity. Owner will have a lot of activity in 2021 and when we file 2021 return then that will be second year as S corp. Thoughts?
