IRS Form 2553 and "S" Corporation Designation

[Aviator]

Am I correct in my interpretation of the filing requirements for Form 2553 as follows?

LLC was formed in July 2005. Would like to be taxed as an "S" Corporation for that calendar year. No Form 2553 was filed.

As I read the instructions for filing as an "S" corporation using the ' 2553, it is now too late to have the "S" status effective for the 2005 tax year, and thus must wait until tax year 2006.

There are procedures for late filing for Form 2553 I know, but I don't think this situation qualifies.

Appreciate any advice.

Aviator

[Unregistered]

You are absolutely correct. It is too late for 2005. It has to be done at least 75 days before the return is due

[Aviator]

IRS Form 2553 and "S" Corporation Designation

Thank you for your response. I thought I had read the instructions correctly but I just wanted to "bounce" my evaluation off another person to confirm my understanding.

Thanks again.

Aviator

[Matt Sova]

Absolutely WRONG!!!!

It is NOT to late to file the 2553. Follow Rev Proc 2003-43 to apply for late filing. You mentioned that this is an LLC also. If you have not elected to be taxed as a corporation you will have to file form 8832 under Rev Proc 2002-59 (for late filing).

Even though the instructions for the 8832 say to send it to Philadelphia, I always send it in the same envelope with form 2553 to Cincinnati (where Michigan filers send the 2553).

Matt

[Aviator]

IRS Form 2553 and "S" Corporation Designation

Thank you Matt for your advice, and, as it turned out, *very* good advice! That's one of the reasons boards like this are so helpful...they can help avoid mistakes, and can be instructive as well.

I really appreciate your comments and will follow them.

Aviator

[Unregistered]

Matt

An LLC does not have to file the 8832 prior to filing the 2553 (TTB pg. 19-3). This is a new law for this year.