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Rev proc 97-48 Form: What You Should Know

Pro. 97-48 provides a procedure for obtaining automatic relief for a late S corporation election. This is a two-step process: First, the taxpayer must first complete form P‑1 which includes identifying information for the taxpayer, and then follow the instructions for completing the Form 8853. In order to request automatic relief under Rev. Page 478. . . You must file Form 8853 in accordance with any applicable instructions and conditions, and complete Form 8853 in accordance with any applicable instructions and conditions. Form 8853, for all taxpayers, is available on the Website of the Internal Revenue Service. For tax years prior to the date of publication of this procedure, there is an additional instruction form to be completed. Pro. 98-5. A taxpayer is notified by the IRS to file Form 8853 under Pro. 97-48. In return, you must file Form 8853 in accordance with any applicable instructions and conditions. See Form 8853, Pub. 95-35, for the instructions for completing the form. Note: Taxpayers must provide certain personal identifying information as required under this procedure. The amount of income or loss that exceeds the amount allowed by this tax rule is taxable income for which a deduction is allowable under Sec. 1.63-11 of this section. Pro. 98-5. . . . [T]he IRS sends the taxpayer a notice that the tax has been assessed. (2) For the purpose of the tax, the taxpayer's gross income for the taxable year from the work, if any, and the gross income of S corporation shareholders and other shareholders at their respective corporate levels is reduced by the amount of the tax imposed. (3) (i) This reduction takes effect when the taxpayer files Form 8853 to request automatic relief from the S corporation election. (ii) For this purpose, S corporation shareholders include, but are not limited to: S corporation shareholders who were shareholders of the S corporation during the taxable year, and, (4) Form 8853 and the other required documents are filed within 10 months after the due date for filing the first taxable year's tax return.

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FAQ - Rev proc 97-48

How late can an S election be filed?
A corporation or LLC must file an S-Corp election within two months and 15 days (~75 days total) of the date of formation for the election to take effect in the first tax year. Example. Your articles of formation was filed on August 21st.
Can you file form 8832 late?
To make a late election under the provisions of the revenue procedure, an eligible entity must file a completed Form 8832 with the applicable IRS Service Center within three years and 75 days of the effective date of the election, along with a statement explaining the reason for its failure to make the election on time ...
What causes an S election to terminate?
An S corporation election may be terminated involuntarily if the entity ceases to qualify as a small business corporation or its passive income exceeds the passive income limitation. An S corporation ceases to qualify as an S corporation if it does not meet the criteria in Sec.
What is reasonable cause for not filing 2553?
Accepted Reasonable Causes Two acceptable reasonable causes are that your company's president, chief executive officer or similar responsible person neglected to file the election, or your corporation's tax professional or accountant neglected to do so.
Can I file form 2553 late?
Form 2553 generally must be filed no later than 2 months and 15 days after the date entered for item E. For details and exceptions, see When To Make the Election and Relief for Late Elections, earlier.
What is reasonable cause for late filing of form 8832?
You will typically have your request for late filing granted if you meet the following criteria. You have filed all of your other tax returns on time. Your corporation meets the requirements to be classified as an S Corporation and intended to file as one.
What is a good reason for filing a 2553 late?
Two acceptable reasonable causes are that your company's president, chief executive officer or similar responsible person neglected to file the election, or your corporation's tax professional or accountant neglected to do so.
What is reasonable cause for late S election?
Examples of situations where the IRS has found reasonable cause include. (1) the entity's responsible person failed to file the S election; (2) the entity's tax professional failed to file the S election; and (3) the entity did not know it needed to affirmatively file an S election.
Is Rev Proc 2022 30 still valid?
Proc. 2013-30 relief is only for late elections that would otherwise be valid. For example, the S election must still contain signatures from all the shareholders. Also, if there was an invalid shareholder or the corporation was not qualified during any part of the tax year, the S election is not valid for that year.
How do I file late QSub election?
An S corporation seeking relief for a late QSub election for a subsidiary must file a completed Form 8869. . 1 In general. Except as provided in Section 8.02, this revenue procedure is effective September 3, 2022. the date of publication of this revenue procedure in the Internal Revenue Bulletin.
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