2553 S Election OK to be filed late ??

[John of PA]

It is my understanding that a corporation started in 2011 who has not filed thier 1120S yet and never filed an S Election 2553, and intends to be an S Corp (new client) can file thier 2011 return now, with a 2553 (S Election) attached and by writing at the top of the form "Submitted under Rev. Proc. 2003-43 for late S Election", they can still be an S Corp for 2011 through 2013. Any comments or warnings on this? Thanks

[Gretel]

TTB has more guidlines. If this Rev.Proc. applies depends on when the original filing of the election was due. It also depends on having the correct income reported on the 1040 for all shareholders.