S Corporation

Forum|Forum|3 years ago
January 21, 2023
3 replies
14 views

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

ProSeries Professional

This topic has been closed for replies.

T

TaxGuyBill

Level 15

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

IRonMaN

Level 15

Have you previously prepared any Sub S returns?

Slava Ukraini!

qbteachmt

Level 15

"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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