You can check your S corp status relatively easily by contacting the IRS. If you have properly submitted your S corporation form to the IRS and have not heard back, you can call the IRS at (800) 829-4933 and they will inform you of your application status.

What is the S-Corp deadline?

March 15
S-corp income tax return deadline An S corporation must always file its annual tax return by the 15th day of the third month following the end of the tax year, generally March 15 unless this date falls on a weekend or holiday.

Is it too late to file S-Corp election?

If you want to elect S-Corp status for 2020, technically you are too late. The instructions say to Complete and file Form 2553: No more than 2 months and 15 days after the beginning of the tax year the election is to take effect, or. At any time during the tax year preceding the tax year it is to take effect.

What is considered a late S Corp election?

If a corporation fails to make a timely election, it is considered a “late S election” and it will not qualify as an S Corporation for the intended tax year. The consequences of a late S election or failing to file an S election can be severe.

When do S corporations have to file Form 2553?

The 2-month period ends March 6 and 15 days after that is March 21. To be an S corporation beginning with its first tax year, the corporation must file Form 2553 during the period that begins January 7 and ends March 21. Because the corporation had no prior tax year, an election made before January 7 won’t be valid.

What is reasonable cause for failure to file Form 2553?

The corporation has reasonable cause for its failure to timely file Form 2553 and has acted diligently to correct the mistake upon discovery of its failure to timely file Form 2553. Form 2553 is being/will be filed within 3 years and 75 days of the date entered on line E of Form 2553. Your statement needs to describe the reasonable cause.

When to file a S corporation tax form?

In that event, the S corporation will be subject to the built – in gains tax, and the effects of that tax must be considered in deciding when S status should begin. The S election is made by filing Form 2553. The election form should be prepared, and shareholder consents should be obtained, as soon as possible after deciding to elect S status.

Can a Form 2553 be attached to Form 1120?

The election can be attached to the first Form 1120-S for the year including the effective date if filed simultaneously with any other delinquent Forms 1120-S. Form 2553 can also be filed separately.