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Oct 11, 2023 · To assist in determining if an entity qualifies for late election relief, Rev. Proc. 2013-30 includes flow charts, as well as specific guidance for each of the five categories listed above. If an entity does not qualify for relief under Rev. Proc. 2013-30, the entity may request relief by requesting a private letter ruling.
Nov 17, 2016 · Rev. Proc. 2013-30 provides details on the proper steps for requesting relief for these late elections. In general, all such relief must be requested within three years and 75 days after the intended effective date of the underlying election. Rev. Proc. 2013-30 includes various flow charts that summarize the rules for obtaining late filing relief.
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In Rev. Proc. 2013-30, the IRS outlines additional steps that must be taken to make a valid late S corporation election. First, you must write “FILED PURSUANT TO REV. PROC. 2013-30” at the top of Form 2553. Second, in Line I of Form 2553 you must prepare a reasonable cause statement that addresses each of the basic requirements established ...
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 ...
Oct 16, 2023 · Rev. Proc. 2013-30 was published just over a decade ago, on September 3, 2013. The revenue procedure creates a system under which entities filing a late election related to S corporations can correct their tardiness directly with the IRS service center/campus instead of filing private letter ruling requests with the Passthroughs and Special Industries division of IRS Chief Counsel in Washington.
Mar 4, 2022 · Step 4: Prepare Your Reasonable Cause Statement. In order to qualify for late election relief under Rev. Proc. 2013-30, you must provide a statement explaining your reasonable cause for failing to file the Form 2553 by the original due date of the election.
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