What is the deadline for filing a Subchapter “S” election?
The election must be filed by (a) at any time before the 16th day of the 3rd month of the tax year, if filed during the tax year the election is to take effect, or (b) at any time during the preceding tax year. An election made no later than 2 months and 15 days after the beginning of a tax year that is less than 2 months long is treated as timely made for that tax year. In the case of a newly filed corporation, the taxable year is the first to occur of: • the corporation beginning to do business, • acquiring assets, or • issuing shares.
The election must be filed by (a) at any time before the 16th day of the 3rd month of the tax year, if filed during the tax year the election is to take effect, or (b) at any time during the preceding tax year. An election made no later than 2 months and 15 days after the beginning of a tax year that is less than 2 months long is treated as timely made for that tax year. In the case of a newly filed corporation, the taxable year is the first to occur of: • the corporation beginning to do business, • acquiring assets, or • issuing shares. A failure to timely file the election is treated as an election for the following tax year.
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