Bloomers, Inc began operations on January 1 , 2 0 2 1 John Doe, the sole shareholder, intended to operate as an S corporation, but received erroneous tax advice on how to do that On January 2 , 2 0 2 3 , he came to you for assistance You realized that John had never filed a Form 2 5 5 3 to make the S election What advice can you offer They have three years and 7 5 days to make a late S corporation election There is no time limit on filing a late S corporation election The late S corporation election needs to be filed by the end of the first year of operation, so it is now too late to make an S election The late S corporation election must be filed before the start of the third year of operations

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Bloomers, Inc  began operations on January 1 , 2 0 2 1   John Doe, the sole shareholder, intended to operate as an S corporation, but received erroneous tax advice on how to do that  On January 2 , 2 0 2 3 , he came to you for assistance  You realized that John had never filed a Form 2 5 5 3 to make the S election  What advice can you offer   They have three years and 7 5 days to make a late S corporation election  There is no time limit on filing a late S corporation election  The late S corporation election needs to be filed by the end of the first year of operation, so it is now too late to make an S election  The late S corporation election must be filed before the start of the third year of operations

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Bloomers, Inc. began operations on January 1 , 2 0 2 1 . John Doe, the sole shareholder, intended to operate as an S corporation,

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