S-Corporation Election

[geekgirldany]

This question is for my business but I know it may come up later for clients.

I've had my business as a LLC for five years, filing Schedule C. I would now like for it to be classified as a S-Corporation.

Do I need to file Form 2553 only? Or do I need to file Form 8832 before the 2553?

Thank you
DAny

[Greenbriar]

SMLLC to S corp

Since you are a disregarded entity, I'm pretty sure you just file the 2553. If you were a partnership and wanted to be taxed as a corp, you would file the 8832, which is for a change in entite. In recent years I've read the IRS accepts the 2553 from a single member LLC.

[Matt Sova]

Form 2553

The due date of the filing to elect S-Corp status as of 1/1/13 was 3/15/13. However, there is relief for late filing. You file Form 2553 and write across the top "Filed Pursuant to Rev Proc 2004-48". Attach a statement to the 2553 establishing reasonable cause, such as, I did not realize the due date to file the 2553 was 3/15/13. The conditions that must be met are: 1) The entity is eligible to elect to be taxed as a corp, 2) The entity intended to be classified as a corp as of the intended effective date of the S election, 3) The entity fails to qualify solely because Forms 8832 and 2553 were not timely filed and 4) The entity has reasonable cause for failing to make the election.

Page 19-5 of TTB.

[geekgirldany]

Thank you both for answering. I was unsure since I have been operating as LLC sole prop for so many years which form needs to filed.