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Simplified method relief for late S and entity classification elections.

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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