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IRS Posts Guidance on Changing from C Corp to S Corp

The IRS has posted on its website guidance for C corporations that wish to change to S corporation status.  (The guidance is available here).  The guidance lists four steps that corporations should take:

  1. Timely file Form 2553, Election by a Small Business Corporation (which is due no more than 2 months and 15 days after the beginning of the tax year in which the election is to take effect).
  2. Follow up with the Service if acknowledgment and approval of the S corporation election are not received.
  3. File the final Form 1120, U.S. Corporation Income Tax Return, by the due date or extended due date.
  4. File a Form 1120S, U.S. Income Tax Return for an S Corporation, by the due date or extended due date.

The guidance also discusses relief available to corporations that have not timely filed their S corporation election request.

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