Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

form 2553- Election S Corp

HOPE2
Level 9

I am hoping you can help me with:

I formed CA corporation General-Stock on 05/10/2023 and on 07/25/2023 EIN received since client canceled his previous EIN and took time to be done. Now he wish to elect S-Corp, should I file late S Corp election "FILED PURSUANT TO REV. PROC. 2013-30." If Yes what would be the date on line E?

01/01/2023 or 05/10/2023.

 

 

0 Cheers
6 Comments 6
sjrcpa
Level 15

You can't be an S Corp before the corp was formed.

The more I know, the more I don't know.
HOPE2
Level 9

I mentioned that it was formed on 05/10/2023.

0 Cheers
TaxGuyBill
Level 15

Did you say that YOU formed the corporation?  Beware of practicing law.

Why did the EIN need to wait?  I can't imagine why a new corporation couldn't get an EIN immediately, without a need for the owner to cancel some other EIN.

Personally, I don't see anything as qualifying for the late election.  There doesn't really seem to be a reason why it wasn't filed on time, plus you said "now" he wishes to file as a S-corporation, rather than "he has always intended" to file as a S-corporation.

HOPE2
Level 9

Client had an LLC under the same name. He closed LLC single member then sent a request to cancel EIN then asked a new EIN that is why took long time. I explained before. Corporation formed on 05/10/2023 and two days ago he received a new EIN. Now he wants to take S-corp election. the 75 days as of 05/10/2023 passed so should file late election? If yes what date should enter on line E?

Thanks for your help.

0 Cheers
sjrcpa
Level 15

"I mentioned that it was formed on 05/10/2023."

Yes you did. Ergo 1/1/23 is not an option.

The more I know, the more I don't know.
HOPE2
Level 9

I apology did not get your answer.

Thanks

0 Cheers