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Simplified method relief for late S and entity classification elections.
- Article from:
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The Tax Adviser
- Article date:
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January 1, 2008
- Author:
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Copyright informationCOPYRIGHT 2008 American Institute of CPA's. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In Rev. Proc. 2007-62, the Service provides an additional simplified method for certain eligible entities to request relief for late S elections and for late entity classification elections that were intended to be effective as of the intended effective date of the S election. This revenue procedure supplements Rev. Procs. 2003-43 and 2004-48.
To obtain relief under Rev. Proc. 2007-62, the entity must file a properly completed Form 2553, Election by a Small Business Corporation, with a Form 1120S, U.S. Income Tax Return for an S Corporation, filed by the entity for the first tax year the entity intended to be an S corporation. The forms must be filed together no later than ...
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