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In Rev. Proc. 2013-30, the IRS provides relief for businesses that fail to make a timely election due to reasonable cause. The basic requirements are: The taxpayer intended to be classified as an S corporation as of the effective date, The taxpayer requests relief under this revenue procedure within 3 years and 75 days after the effective date,
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.
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.
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.
Sep 3, 2013 · Rev. Proc. 2013-30 Rev. Proc. 2013-30 This revenue procedure provides the exclusive simplified methods for taxpayers to request relief for late S corporation elections, ESBT elections, QSST elections, QSub elections, and late corporate classification elections which the taxpayer intended to take effect on the same date that the taxpayer ...
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?
May 2, 2014 · In August 2013, the IRS issued Rev. Proc. 2013-30 that consolidates and simplifies rules provided previously. Taxpayers now have 3 years and 75 days from the date the S-election was originally intended to be effective to file a late S-election. No use user fee will apply. The election will be effective as of that intended date.
