Late Filing 2553

[equinecpa]

If an LLC organized in May 2010 wishes to be taxed an an S-corp for 2010 when do they file the already late form 2553? Can they file it now, or must they wait until they file their 1120S and attach it then? If it is the latter does anyone know if they can still efile their 1120S?

I'm thinking they can file under Rev Proc 2003-43 and file the election now with a notation at the top Filed Pursuant to Rev. Proc 2003-43

Is this correct?

Carolyn

[BHoffman]

Rev Proc 2007-62?

Carolyn - I'm giving you a bump and possibly the info you need:

http://www.irs.gov/irb/2007-41_IRB/ar13.html#d0e3208

I think Rev Proc 2007-62 allows a late entity classification and late SCorp election. You might want to call the Tax Practioner hotline at 1-866-860-4259 to verify.

I also believe you can mail or fax the 2553, properly filled out with reasonable cause attached now or wait until the first tax return is filed.

This has changed so frequently that it's hard to keep up!