Late S election

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  • #45576
    Terrence Power
    Participant

    Can a C corp that filed form 1120 in 2018 and 2019 make a late S election for the year starting in 2018? They would have to amend the C corp filings and personal returns for 2018 and 2019 to reflect the change in status. Thanks.

    #45577
    Eric Green
    Keymaster

    Terry if you look the IRS usually does not allow late elections where it impacts other tax returns. The 1120s are wrong and his 1040s are all going to need to be amended. You can try but I don’t suspect the IRS will allow it

    #45582
    Terrence Power
    Participant

    Thanks Eric. I’ll let the client decide what to do.

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