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I read that late election of S Corp status can extend back 3 years and 75 days from intended election?

joe7230
Level 1

Does that mean that I can file a sole owner LLC as an S Corp for 2016, 17 and 18 with a late election(form 2553)?

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abctax55
Level 15

https://accountants-community.intuit.com/questions/1830914-can-a-sole-owner-of-an-llc-elect-s-corp-s...

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

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abctax55
Level 15

https://accountants-community.intuit.com/questions/1830914-can-a-sole-owner-of-an-llc-elect-s-corp-s...

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches

View solution in original post

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TaxGuyBill
Level 15

As the link shows, no.  You can't go back from the "intended election".  The late election is for if the "intended election" was in prior years, but there was some type of mix-up that the election was not actually filed.

So unless your client has been treating it and reporting it as a S-corporation for the last 3 years (such as being on payroll), you can't retroactively make the election now.

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