S Corp. late election

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  • Bird Legs
    Senior Member
    • Jun 2005
    • 990

    #1

    S Corp. late election

    Have a client that formed a corp. effective Jan 1, 2006. My memory then failed me
    and I forgot to apply for the S Election by 3-15-06. Therefore, it is still a C Corp. It is on
    a calendar basis. Is it still possible to make a late S Election for 2006?
    If so, how would you do this?
    Believe this was discussed quite a while back but have not been able to find it.
    Thanks
    Have a great weekend and do remember the veterans in your prayers. They have
    given up a lot.
  • Armando Beaujolais
    Senior Member
    • May 2005
    • 504

    #2
    Originally posted by Bird Legs
    Have a client that formed a corp. effective Jan 1, 2006. My memory then failed me
    and I forgot to apply for the S Election by 3-15-06. Therefore, it is still a C Corp. It is on
    a calendar basis. Is it still possible to make a late S Election for 2006?
    If so, how would you do this?
    Believe this was discussed quite a while back but have not been able to find it.
    Thanks
    Have a great weekend and do remember the veterans in your prayers. They have
    given up a lot.
    Check TTB page 19-4. It looks like you'd qualify for relief from a late election under Rev. Proc. 2003-43.

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    • Bird Legs
      Senior Member
      • Jun 2005
      • 990

      #3
      Armando

      thank you very much. This is appreciated.

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