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

[timtax]

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!!

[IRonMaN]

I would play the match game.

[dkh]

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]

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.

[Terry53029]

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]

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.

[IRonMaN]

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