IRS Helps With Late S Corp Elections

The IRS announced a new Revenue Procedure 2007-62 yesterday, which will allow an S Corporation to make a late election–later than the 2.5 months currently allowed. Indeed, you’ll be able to make the late S Corporation election with your first S Corporation tax return. The IRS will be modifying Form 2553 for this new Revenue Procedure.

Hat Tip: Joe Kristan, Roth Tax Updates