LLC electing S-Corp

[Trnr395]

Can I file form 2553 right now for a single member llc to be electing corp status for 2009? They are on a regular tax year ending dec. 31.

[joelgilb]

Funny you should ask this now.

Was just verifying all the correct steps, because we used to have to file form 8832 and 2553 together. Now the IRS allows us to do this with just the 2553.

So in a nutshell - Yes. Must file the election within 2 months and 15 days of the beginning of the year per IRS, although it used to be 75 days not 2 mo and 15 days.

Don't forget to explain the S-Corp rules to your client and the requirement to have some reasonable salary

[imjulier]

S corp election for current year if already an existing entity is March 15....make that 16th since 15th falls on Sunday. Only form 2553 required.