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Old 02-09-2018, 01:45 PM
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Dee

I own an LLC. I want to elect being an S corp for tax purposes starting for tax year 2017. My company was formed in May of 2013 but 2017 was my first year for income. I will have a short year starting Jan 7, 2017.
Question:
Is my incorporated date May of 2013 when my state recognized it being formed?
I have to attach form 2553, do I fall within the correct filing period of two months 15 days for the tax year 2017 by March 15, 2018? or would this be considered a late election filing?



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Old 02-10-2018, 05:11 AM
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I own an LLC. I want to elect being an S corp for tax purposes starting for tax year 2017. My company was formed in May of 2013 but 2017 was my first year for income. I will have a short year starting Jan 7, 2017.
Question:
Is my incorporated date May of 2013 when my state recognized it being formed? ========?>No; as you said, your company, the LLC, was formed in may of 2013, LLCs have none of the formalities of a corp; such as a board of directors, issuing stock and satisfying shareholders, but the same liability protection. They are organized rather than incorporated.


I have to attach form 2553, do I fall within the correct filing period of two months 15 days for the tax year 2017 by March 15, 2018? or would this be considered a late election filing?========?> if your LLC was previously being taxed as a partnership or sole proprietorship, you must file Form 8832 and mark box 6a to elect taxation as a corporation. You need to use IRS Form 2553 to elect to be an S-corp. For the election to take effect in the current tax year, it must be filed not more than two months and 15 days from the beginning of the tax year, say for 2018 by mar 15 th of 2018,. Otherwise, the election will take effect in the following tax year. All members , if your llc is an MMLLC, owning a share of the LLC on the day of election for treatment as an S-corp must sign the election form. You must file Form 1120s as the tax return for the LLC in the tax year in which your election for S-corp treatment takes effect.



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