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Feb 1, 2023 · The IRS released Rev. Proc. 2022-19, which expands Rev. Proc. 2013-30 (providing a simplified method for taxpayers to request relief for late elections by S corporations, qualified Subchapter S subsidiaries (QSubs), electing small business trusts (ESBTs), and qualified Subchapter S trusts (QSSTs)). Rev.
These statements must be attached to the applicable election form, and the election form must contain the statement, “Filed pursuant to Rev. Proc. 2013-30” at the top. Under the new procedure, S corporations that meet the following requirements are not subject to the three-year, 75-day deadline, but instead have no time limit on requesting ...
Mar 4, 2022 · Rev. Proc. 2013-30 spells out the requirements for taxpayers to make a late S corporation election under Internal Revenue Code § 1362. However, there are certain requirements necessary in order to qualify for this relief. Here they are. 1. Timeline Requirement.
Oct 16, 2023 · Read an October 2023 report* [PDF 1.4 MB] prepared by KPMG LLP that explains the evolution and relief provisions of Rev. Proc. 2013-30 and examines situations in which it could and could not be used over the past decade, highlighting some unintended consequences.
Revenue Procedure 2013-30 provides a simplified method for taxpayers to request relief for late QSub elections. If an S corporation or a QSub ceases to be eligible to be treated as such, their S corporation/QSub status will be terminated.
Feb 1, 2023 · When you request relief from the IRS, you must state on the late-election form: "FILED PURSUANT TO REV. PROC. 2013-30." Write this on the top of the form. To better understand what is required, refer to this IRS document. Until you receive approval from the IRS, your corporation will not be eligible to file an S-Corp tax return.
If you are filing Form 2553 on its own, you must write this in the top margin of the first page of the form: “FILED PURSUANT TO REV. PROC. 2013-30.” What is reasonable cause to file a late S-Corp election?
