Form 2553 - Making S-Election for LLC That Has Been In Business For a Few Years

Forum|Forum|4 years ago
December 16, 2021
5 replies
26 views

Hello Friends,

I have a new client that is an electrician and has operated an LLC (single member) for a few years now. He would like to be taxed as an S-Corp beginning in 2022, so I am filling out Form 2553. My question is related to Part 1, box B, on Form 2553 where it states "Date Incorporated." Do I put the date the LLC was originally created (from a few years ago) or should I match the date we want the S-Election status to take effect (which would be January 1, 2022)?

Thank you!!

ProSeries Professional

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IRonMaN

Level 15

I would play the match game.

Slava Ukraini!

dkh

Level 15

When I completed a F2553 last year for an LLC I used date the LLC was created. Received SCorp approval without any problems. The IRS instructions are no help.

JRC

Level 7

I use the LLC Date of Organization for my client's forms.

Make sure you know all the clients Assets as well as Liabilities and Assets are greater than Liabilities.

T

Terry53029

Intuit Community Champion

I agree with Ironman, and if you read the form, part one is titled "Election Information" To me the form is asking for info on the entity asking to be taxed as an Scorp

sjrcpa

Level 15

I use the date the LLC was formed. Seems we have a split in the circuits.

If everyone is getting the S elections accepted it looks like it doesn't matter.

The more I know the more I don’t know.

IRonMaN

Level 15

Maybe someone should call an electrician before someone gets hurt with those split circuits 😟

Slava Ukraini!

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