The IRS has one rule and fifty exceptions. Filing a late S Corp election is no different. We can easily go back to January of this year, or even perhaps last year, provided you meet the criteria. This episode discusses the late S corporation election, and how it affects tax filing deadlines, payroll, etc.
Jason Watson, CPA, of WCG Inc. (formerly the Watson CPA Group) with Amanda Rowles and Joseph Bassett review the S Corp benefits, reduction of self-employment taxes and the whole S Corp vs LLC discussion. But! The crux of this episode is how to retroactively file for a late S Corp election using Form 2553 and IRS Rev Proc 2013-30.
Then this episode discusses the timing of the late S Corp election and how it impacts tax return filing deadlines, extensions, late payroll events, and other pitfalls. Here is a spoiler alert- filing a S corporation election is a piece of cake and we are batting 100% in getting the successfully accepted by the IRS with huge tax savings.
This material is based on content from our website and our book, Taxpayer’s Comprehensive Guide to LLCs and S Corps.
https://wcginc.com/late-s-corp-election/
https://wcginc.com/wp-content/documents/SCorpQuestions.pdf
https://wcginc.com/s-corp-election/
Thank you!
Warm Regards,
WCG Inc. (formerly Watson CPA Group)
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Colorado Springs, CO 80921
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855-345-9700 fax
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