Form 2553 Problem

Nova Corporation provides you with the following chronology regarding its formation all during 2022:

May 1 - Articles of Incorporation Filed

May 5 - Secretary of State approves Articles and issues charter

May 30 - Incorporators meet

June 1 - Shareholders subscribe stock

June 3 - Nova opens a bank account

June 15 - Nova places advertisements of its grand opening

July 1 - Nova opens its doors

Nova is a calendar year cash basis corporation. Assume that it is March of 2023, Nova has not filed its 2022 tax return, and it has extended its return filing. But you have become aware that Novas S election was not timely. Nova still wants to be an S corporation for 2022. Nova qualifies to make an S election, but the election was not timely because (like Problem 3-2) the lawyer thought the accountant would file the Form 2553, and the accountant thought that the lawyer already filed the Form 2553. Nova will also be able to get all necessary signatures when needed.

In a paper that is 2- 4 pages in length, address the following:

What options are available to Nova, if any, to resurrect the S election? What statutory (IRC rule) guidance is available to help? What regulatory (IRS rules) guidance is available to help? What course of action do you recommend be taken, and by when to repair the late election? What procedures must be followed (provide a list and a detailed description)?