Tax Blog 2018-08-17T15:58:54+00:00

Tax Matters

Late Subchapter S Election Relief

If a taxpayer misses the deadline to file a subchapter S election all is not lost. The Internal Revenue Service (IRS) has struggled with the procedures for obtaining relief from missing such a filing. Rev. Proc. 2013-30 is the method for obtaining relief for late S elections. It modifies and supersedes Rev. Proc. 2007-62, Rev. Proc. 2003-43 and Rev. Proc. 97-48. No user fee is required when requesting relief under Rev. Proc. 2013-30. Section 1362 of the Internal Revenue Code (the “Code”) and its corresponding regulations provide that a corporation meeting all the requirements to be a small business corporation [...]

By | November 17th, 2016|Categories: Tax|0 Comments