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S Corporation

January 31, 2017 • Anonymous • Log In to Post Comments

A prospective client set up a corporation in the last week of December 2015, there were minimal revenues during this period.   Leasehold improvements were significant, and there would be some depreciation/amortization expense.

This client has not filed its 2015 tax return yet and preferred to be taxed as S corporation since its inception.   There would be a late election and disclosure on the return.    Should this late election be done in 2015, and can it be done when the return is delinquent?  Or the election be done in 2016 tax returns.





Late S election relief can often be done, but the requirements for your particular scenario may be too much to respond in a short message board reply.  Please refer to Rev. Proc. 2013-30 for details on when and how to apply for late S election relief.


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