Question

LLC trying to elect c corp status, can it be done for the previous year?

Forum|Forum|2 years ago
April 5, 2024
1 reply
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As per the title, we are trying to file as c corp. this is our first year in business. Our tax year is last June to this june so not yet fully done. I’m finding different timelines online. Thanks!

Not A Product Question

M

Mike9241

you had to make an entity election within 75 days of the start of the tax year. so the election is now late.

you need to file form 8832 and ask for late election relief. It's up to the iRS to grant or deny this late election

see 8832 instructions. especially the late election provisions.

https://www.irs.gov/pub/irs-pdf/f8832.pdf

S

sscfAuthor

I see, thank you for the info, that makes sense. I'm a little unclear now though if I should file a c corp return with the election then or llc since it seems like one of the requirements is filing with the wanted designation, and I am fine with that but am wondering what happens then if it is denied. Thank you again for the help.

Rick19744

You need to read the instructions that @Mike9241linked for form 8832; especially the section on late election relief.

Complete the form / election and make sure you send the election / form certified mail return receipt requested.

You should not file any return until you receive a response from the IRS. That response will indicate the entity type, which will then dictate which tax return to file.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.