IRS EASES LATE S CORP ELECTIONS

The Internal Revenue Service has given businesses a simpler process for requesting relief for late elections. Revenue Procedure 2007-62 allows small businesses that missed filing Form 2553, Election by a Small Business Corporation, before filing their first Form 1120S, U.S. Income Tax Return for an S Corporation, to file both simultaneously. The change is effective for taxable years ending on or after Dec. 31, 2007. However, the requirement for filing Form 2553 to establish the election in advance of filing the initial Form 1120S remains in effect.

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