Too late in the year to file for S Corp election? So what do I do?

[Ives]

Can I get it retroactively done or does that cost more or only in special cases? Do I need to wait till next year and just file as sole proprietor this year?  My reason is that I didn't realize I would make so much  money until I did, every  month I made more than the last.

[Archipelago]

Do you have an LLC already? If so, when was it filed with your state?

[Ives]

I found out that since I haven't even formed my LLC yet, I have 75 days after that to do it!

[Michael in ABQ]

I formed my LLC in April 2021 and filed the paperwork with the IRS to elect S-Corp filing status in May. I received a letter in late November letting me know it was approved and retroactive to when my LLC was created. So, if you file now, it may still be processed before the end of the year.

[Ives]

Wow, it took 6 months!! Was it considered a 'late election' but your reason was that you had only just formed your LLC, or was it NOT considered a late election?

[Michael in ABQ]

Wow, it took 6 months!! Was it considered a 'late election' but your reason was that you had only just formed your LLC, or was it NOT considered a late election?

I actually didn't fax it in until July, not May. So total time was only 4 months. It was not considered late election.