S-Election for 2020 - Spidell

S-Election for 2020

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Message Board S-Election for 2020

  • This topic has 3 replies, 3 voices, and was last updated 3 weeks, 1 day ago by David Ellis.
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    • #256589
      Dan Christensen Jr
      Participant

      Does anyone know if the IRS granted an extension to apply for S Corporation Status because of Covid for 2020?  I tried to research but I haven’t seen anything specific.

    • #257054
      Lynn Freer
      Participant

      Most of the extensions apply for due dates on or after April 1. The S corp election for a calendar year corp was March 16. So it appears that at this point the only way to do a late election is to request a late election from IRS. Not sure how much this costs.

    • #257481
      Lynn Freer
      Participant

      In doing some further checking, I think they will qualify for an extension because S corp elections are included in Rev. Proc. 2018-58, which is incorporated into the current extenssions IRS will grant

    • #257892
      David Ellis
      Participant

      You can definitely file a late S election with the extended return using Rev Proc …i dont know the number off the top of my head…but…..the instructions for the 2553 have all the details. You will have to file the return on paper…..we have done this many times with no problems.

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