Question
LLC election to S-Corp
Before I set on, just a note of thanks for all the help community members have given to those who always have questions. Blessings to you all.
A client of mine established an LLC in May of 2021; he did not make any money in 2021 and 2022 with the LLC and did not file taxes for the two years. He did file individual taxes, though.
He just got into a lucrative contract and hopes to make a lot of money in 2023. He wants to elect to file Form 2553 and file as an S-corp. He meets all the requirements on Form 2553. The question is, should he file the previous year's taxes even though there was no income? What are his chances for approval?
Thanks
