Reference: Revenue Procedure 2013-30

The IRS just released updated and simplified procedures for late S corporation elections.  Over the last several years, we’ve seen an increase in corporations formed through paralegal services. Often times, the corporation feels that the paralegal has filed the S corporation election, Form 2553, with the IRS, but finds out a year later that nothing was mailed in.

Under this new Rev. Proc., in most circumstances, the IRS will allow a late filing election up to 3 years and 75 days from the original due date. The late filing does involve some detailed paperwork, but the process is straight-forward.  Please call us if you think that you need to make a late election. (Note: This new procedure supersedes all prior late filing procedures in this area).