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can i file my 2022 taxes as an s-corp and file my 2253 at the same time for the 2022 year
AI accountant’s answer:
If you want to elect S-Corporation status for your business for the 2022 tax year, you should have already filed Form 2553, Election by a Small Business Corporation, with the IRS. Generally, Form 2553 must be filed no later than two months and 15 days after the beginning of the tax year that you want the election to take effect.
However, in some cases, the IRS may grant relief for a late election if the company can show that there was reasonable cause for not filing on time. If you missed the deadline, you may still file Form 2553 along with a written explanation of the reasons for filing late, and you'll have to hope that the IRS accepts your rationale for the late submission. Keep in mind that there is no guarantee that the IRS will accept a late election.
So, while you can't technically file your 2022 taxes as an S-Corp and Form 2553 at the same time if you haven't already made the election, you can attempt to rectify the situation by submitting a late election request to the IRS. If the IRS approves your late election, you'll be able to file your 2022 taxes as an S-Corporation.
Comment from reviewer
Instead of "Keep in mind that there is no guarantee that the IRS will accept a late election," it should maybe read, "Keep in mind that there is no guarantee that the IRS will accept a late election, because of the range of reasons that might be cited for filing late. However, note that the instructions to the Form 2553 discuss filing the late Form 2553 along with the applicable year tax return in a manner consistent with this question, as though this scenario is acceptable or even expected."

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