S-Corp Election Question

[mvp2885]

My understanding, and please correct me if I'm wrong, but an LLC can elect to be treated as an S-Corp, or you can be a C-corp and convert to elect S-corp status. My dilemma is in the due dates of form 2553, for both new and already formed entities.

1st Scenario: New company formed on 06/15/2019, LLC and elects S-corp status by filing form 2553. Do they have 75 days in order for them to be considered an S-corp for that tax year (2019)? If they fail to make the election this year, can they elect S corp status next year?

2nd Scenario: LLC or sole prop has been in business many years (4 or more), never knew about s-corp election. Can they elect S-corp status in the year they find out about it? In other words, is there a statute of limitations? Once election is made, does election only take effect that year or can they request retroactive s-corp status to previous years, and how far back?

Thanks all, and I hope my question makes sense. I look forward to any replies

[TAXNJ]

See TTB 19-5

[kathyc2]

There are various Rev Procs that can be used for late filing in first year.

It can not be retroactive to previous years.

With the 199A S corp may not be the best answer. You need to evaluate whether the SS tax "savings" and reduced future benefits outweighs the potential FIT savings of 199A of a S vs Sch C.