| Latest on IRS position on Late Filed S Elections
The IRS has continued to accept taxpayers excuses for late filed S Elections. As a matter of fact, firms that want to convert from a C Corp to an S Corp have to file Form 2553 with the IRS no later than 2 1/2 months after the tax year has started.
But, it appears that the IRS has been approving late elections if the corporation can show what is termed reasonable cause, such as relying on their CPA to file the election and finding out afterwards that the election was not timely submitted.
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