Late S Corp Election: Using Form 2553 for Late S Corp Filing
4 min read
January 18, 2025 • Block Advisors
If you’re a small business owner, you could see significant pass-through taxation benefits from becoming an S Corporation. You may be wondering when to file Form 2553 and what to do if you are filing tax Form 2553 late. We’re here to help – read on to learn about the S Corporation election.
Is an S Corp election right for my business?
Answer these six questions to help you find your fit.
Form 2553 and S Corp election deadline
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The deadline to file Internal Revenue Service (IRS) Form 2553 depends on whether you have recently completed your business entity formation or have been an entity for a while.
For new entities (including LLCs, partnerships, and corporations), Form 2553 must be filed within two months and 15 days from the beginning of the business’s tax year. IRS guidelines state that a business’s first tax year begins:
- When the entity has shareholders or members (for LLCs, this usually occurs when the articles of organization are filed);
- When the entity acquires assets; or
- When the entity begins doing business.
For existing entities, most commonly LLCs and corporations but can include partnerships, Form 2553 must be filed anytime during the prior tax year or by the 15th day of the third month of the tax year the election is to apply (generally March 15th).
If you don’t file Form 2553 by the deadline, your business will not receive S Corporation status until the following tax year unless you qualify for late S Corporation election relief.
Form 2553 late filing and S corporation late election relief
So, what happens if you fail to make a timely S Corporation election but still want to make one? Fortunately, a late election relief procedure is in place.
Generally, an eligible entity may request late election relief when the S Corp election wasn’t filed on time, or if there was a mistake on the form.
Requirements for a Form 2553 late S Corp election
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You can file for a late S Corp election up to 3 years and 75 days after its proposed effective date! To qualify and receive retroactive tax treatment, you must meet the following eligibility requirements:
- Act like an S Corp: You must conduct business in a manner consistent with your intent to be an S Corporation from the proposed effective date until the time you file for late relief. For example, you follow all tax filing requirements of an S Corporation. This includes you AND any other shareholders.
- Provide a valid reason: You must have reasonable cause for filing late or for mistakes in your initial filing. For example, you didn’t know you needed to submit Form 2553.
- Meet standard requirements: Your business must meet all the typical requirements to be an S Corporation.
Contact your Block Advisors tax professional for more information.
Form 2553 late filing follow-up with IRS
After filing Form 2553, the IRS will send either an acceptance or denial letter to the business within 60 days of filing. If the election is accepted, the letter will show the effective date.
If you don’t receive a letter within 60 days of filing Form 2553, contact the IRS at 1-800-829-4933.
Block Advisors can help with your S Corp election
We know that completing IRS forms can be intimidating. You are not alone – Block Advisors is here to help. If you are ready to make an S Corp election, we can help you complete Form 2553. Visit our online business registration tool and select “LLC+S Corp” to get started.
If you’re unsure and want to learn more about tax planning, tax savings, and tax benefits for your Small Business Corporation, schedule a meeting with one of our Small Business Certified Tax Pros.