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late election of s corp. for prior years

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Level 2

Under the TCJA of 2017, there are advantages for converting c corp. to s corp. The 20% QBID and bonus depreciation for instance. Is it still possible to file late election of s corp. from c corp. for 2018 and 2019 and then amend  the tax returns to claim for more deductions?

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2 Replies 2
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Level 15

You need a good reason for a late election to be accepted. I don't think "the tax law changed and I didn't pay attention" will cut it.


ex-AllStar
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Level 2

Thanks so much.

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