I have the following questions regarding filling out Form 2553:

1) An LLC was incorporated in mid-November. For the effective date of the S-corp election in Item E, should I use the mid-November date or 1/1/2014? I planned to use the mid-November date so that we could file for 2013 as an LLC taxed as S-Corp. If I do 1/1/2014, the 2013 business taxes would be based on partnership rules not S corp, correct?

2) For Item H, name of officer or legal representative, who is best to name here? Owner of the business, accountant or attorney?

Thanks!

#1;it depends. Normally, if a biz/corp that files Form 2553 after the 15th day of the third month of its tax year (in this cvase 2013) but before the 15th day of the third month of the following tax year(in this case 2014), then the IRS considers the S-Corp election to be valid for the following tax year, 2014, and not valid for the preceding tax year, 2013. However, a corp can file Form 2553 late and still receive IRS approval to make the election retroactive to the beginning of the corporation's tax year, jan 1 2013, as long as the corp meets the S-Corp eligibility criteria; the corp intended to be classified as an S-Corp as of the intended effective date of the S-Corp election;the corp failed to qualify as an S-Corp solely because it did not file Form 2553 in a timely manner; less than 24 months have passed since the original due date of Form 2553;the corp either has reasonable cause or inadvertently failed to file Form 2553 in a timely manner; the corp has not yet filed tax returns for the first tax year for which it intended to file as an S-Corp, or the corp has filed its first tax return using Form 1120S and the shareholders properly reported their share of income in a manner consistent with the corp's intention to be an S-Corp; form 2553 is filed not later than 6 months after the due date (without regard to extensions) of the first tax return for which the corp intended to file as an S-Corp, and shareholders and other taxpayers have not reported their income in a manner inconsistent with the corp's intention to file as an S-Corp. If the biz meets these requirements, then you should file IRS Form 2553 by writing at the very top of the form the following words: FILED PURSUANT TO REV. PROC. 2003-43 and attach a statement indicating that the corporation either had reasonable cause (and spell out the circumstances) or inadvertently failed to file Form 2553 in a timely manner. Both Form 2553 and the attached statement must be signed by each and every single shareholder.

NOTE: Although some cyclical businesses may qualify for fiscal tax years, the vast majority of taxpayers must choose a calendar year. If you choose a fiscal year, you will need to attach evidence supporting your need for such a reporting period.


Correct; you need to file Form 1065 for 2013 return.,NOT 1120S.As mentioned above, you need to enter the effective date of the election in Box E. If the election is effective for your first tax year, this will generally be the day you began operations.

#2;either one of them as an officer/owner or registered agent, an attorney/a CPA/ an IRS EA.