Late S Corp Election Relief

“The whole process from start to finish was seamless. Glen was a pleasure to work with; efficient, kind and helpful! We will be using EAS Income Tax Services for all of our tax needs in the future!”

Paul H.

If you missed the deadline to file for S Corporation (S Corp) status, you can obtain relief by hiring a CPA in Atlanta from Expert Accounting Services LLC

Are you a business owner in Atlanta, GA, who missed the deadline for filing your S Corporation election? Don’t worry—relief may still be available. At Expert Accounting Services LLC, we specialize in assisting business owners with late S Corp elections, ensuring compliance with IRS requirements while minimizing stress. Led by Glen L. Graves II, an Atlanta CPA, we provide expert guidance for businesses in Atlanta and nationwide.

Eligibility for Late S Corp Election Relief

To qualify for relief under the IRS late S Corp election procedures, your business must meet the following criteria:

1. Intended Classification: Your entity must have intended to be classified as an S Corporation from the start.
2. Eligibility: The entity must meet all qualifications to be treated as an S Corp, including shareholder limitations and other IRS requirements.
3. Reasonable Cause: The failure to file on time must be due to a reasonable cause, such as administrative oversight or lack of awareness of filing deadlines.
4. Consistent Reporting: All shareholders must have reported their income in line with S Corp status for the intended effective year and any subsequent years.

Filing Requirements for Late S Corp Elections

To rectify a late election, the following steps must be taken:

• File Form 2553: Submit the Election by a Small Business Corporation form to the IRS.
• Timeliness: Ensure the election is filed within 3 years and 75 days from the intended effective date.

Reasonable Cause Explained

A critical component of qualifying for late election relief is demonstrating a reasonable cause for the delay. Examples include:

• Administrative or clerical errors by you or your accountant.
• Misunderstanding or lack of knowledge about the election filing requirements.
  To support your case, include a written explanation detailing the circumstances that caused the delay.

Procedure for Late Election Relief

The process for obtaining relief involves:

1. Follow IRS Guidelines: Use the provisions outlined in Rev. Proc. 2013-30, which consolidates the rules for late S Corp election relief.
2. Private Letter Ruling (if needed): If you do not qualify under the standard procedure, relief can be sought through a private letter ruling—a more complex process that requires professional assistance.

Impact of Approval

Once the IRS grants late election relief:

• Your S Corporation status will be retroactively effective from the intended date.
• You can avoid penalties associated with late filings.
• You’ll secure the tax benefits associated with S Corp status, such as pass-through taxation.

Why Choose Expert Accounting Services LLC for Late Election Relief?

At EAS Income Tax Services, we understand the complexities of IRS regulations and the importance of timely filing. With our expertise, we can:

• Accurately prepare and file Form 2553.
• Assist in drafting your reasonable cause statement.
• Navigate the guidelines in Rev. Proc. 2013-30.
• Help you secure relief through a private letter ruling if needed.

Located in Atlanta, GA, we’re your trusted local CPA firm with nationwide experience in tax resolution and accounting.

Contact EAS Income Tax Services Today!

If you’re struggling with a late S Corp election, don’t leave your business at risk of penalties or missed tax benefits. Let Glen L. Graves II, CPA, and the team at EAS Income Tax Services handle the process for you.

📞 Call us at (404) 719-0330 or 📧 email us at GLG@eas.tax to get started.
🌐 Schedule a consultation today: Calendly.com/eascpa/30min

We’re here to simplify your tax challenges with professional, reliable service.

If you’re searching for a CPA in Atlanta, GA, with expertise in tax resolution and late election relief, you’ve found the right partner. At Expert Accounting Services LLC, dba EAS Income Tax Services, we bring a friendly, professional touch to your accounting and tax needs. Contact us today!