IRS Now Allows Late S-Corporation Election Filing
The IRS has improved the procedure for electing S-Corporation status after the filing date for the S-Corporation Election Form (Form 2553) has passed. If you can show reasonable cause for why the election is late it is now easier to obtain S-Corporation Status after the deadline. Information on the change can be found here.
For more information on how an S-Corporation is organized and the differences between entity types see our page on choosing an entity.
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