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S Corporation election deadline is March 15th

March 8, 2021

The deadline for existing LLCs and C Corporations to file an S Corporation election is March 15, 2021. Newly formed LLCs and C Corporations have two months and 15 days from their date of formation or incorporation to file an S Corporation election. It is possible to file after the deadline, but the company will likely have to file two tax forms: one for part of the year as an LLC or C Corporation and the other for the remainder of the year as an S Corporation. A retroactive start to the tax year may be granted under certain situations, but the business owner must explain on Form 2553 why the filing was submitted late and it is subject to IRS approval.

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