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NEW RELIEF FOR LATE S CORPORATION ELECTIONS
October 10, 2007
The IRS has made it easier to make a late S corporation election.
The deadline for making an S corporation is 2 1/2 months after the start of the year the election is to take effect. New Rev. Proc. 2007-62 will allow corporations to make their election when they file their first S corporation tax return, if they have "reasonable cause" for the late election. The IRS will modify the S election form, Form 2553, to accomodate relief requests under Rev. Proc. 2007-62.
And what is "reasonable cause"? Blaming the accountant is a time-honored justification for late elections, but as an accountant I prefer to take the "blame the lawyer" route.
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