Missed the S-Corp Election Deadline? Late Filing Relief

Описание: Missed S-corp election deadline? Discover IRS late-election relief for attorneys, therapists, architects, and other licensed professionals who missed the March 15 Form 2553 deadline. This video walks you through Revenue Procedure 2013-30, the IRS standing relief procedure that allows qualifying businesses to file late and retroactively claim S-corp status — without a private letter ruling or separate fee.

You'll learn:
• The normal S-corp election deadline and why most owners think they're stuck until next year
• How Revenue Procedure 2013-30 provides relief for up to three years and seventy-five days after the intended effective date
• The four qualifying conditions: intent to elect, reasonable cause, consistent reporting, and entity eligibility
• Special considerations for licensed professionals, including state PLLC/PC ownership restrictions and federal shareholder rules
• Why retroactive S-corp status requires payroll and reasonable salary reconciliation for the covered period
• How to run the break-even math before chasing relief using the free S-Corp versus LLC Analyzer

Before filing Form 2553 late or pursuing relief, confirm the election makes financial sense at your net income level. The S-Corp versus LLC Analyzer linked below shows whether the election delivers real tax savings for your practice — and if relief is worth the compliance effort.

This video is educational only. Tax strategies depend on your specific facts and circumstances. Consult a qualified professional regarding your situation.

Disclosure: This video features an AI avatar of RTW Advisors founder Askia Roberts, CPA. The information is general in nature and is not a substitute for personalized accounting or tax advice. RTW Advisors is a Georgia-licensed CPA firm. (c) 2026 RTW Advisors.

Learn more: https://rtwadvisors.ai