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IRS Consolidates / Simplifies Late S Corporation Election Procedures

The IRS, in Rev. Proc. 2013-30, consolidated into one revenue procedure provisions of previous revenue procedures that granted relief to late S corporation elections and provided extended relief in certain circumstances.   Rev. Procs. 2003-43, 2004-48, and 2007-62 are all modified and superseded by this revenue procedure.  In addition, this revenue procedure supersedes Situation 1 and makes obsolete Situation 2 (as this relief is no longer available) of Rev. Proc. 97-48, and modifies and supersedes sections 4.01 and 4.02 and makes obsolete section 4.03 (because the time period for its scope has expired) of Rev. Proc. 2004-49.

Handy flowcharts are provided at the end of Rev. Proc. 2013-30.

 

Please contact me at 954-944-3929 or nrumbak@rumbaklaw.com if you want to further discuss these issues.

*This document contains legal information, but does not contain legal advice.

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