Extension of new S Corp

I have an LLC that will be electing S status for 2022 tax year and appropriate wages have been paid etc.

The S corp was previously taxed as DRE on Sch C in past years.

I'm planning on filing for late election with the 2022 S corp return but we need an extension. How do I do this? If I file an S corp extension won't it get rejected because they don't have an election on file?

USPS First Class with postmarked certified receipt. Scan it all to file, you may need it to get rid of FTF penalties.

You should be able to efile the extension if you click the box in the software that says "first year filing as s corp" and make sure you attach a copy of the 2553 form to the S-Corp return if the 2553 isn't accepted by the time you prepare the return. This allowable for the first year.

USPS First Class with postmarked certified receipt. Scan it all to file, you may need it to get rid of FTF penalties.

I want to confim you're saying to send the paper extension only?

Yes. An extension can be paper filed.

You should be able to efile the extension if you click the box in the software that says "first year filing as s corp" and make sure you attach a copy of the 2553 form to the S-Corp return if the 2553 isn't accepted by the time you prepare the return. This allowable for the first year.

I have never had success doing this. I've always filed a paper EXT and advised the client to expect a late filing penalty notice, which we will respond to and have removed.

You should be able to efile the extension if you click the box in the software that says "first year filing as s corp" and make sure you attach a copy of the 2553 form to the S-Corp return if the 2553 isn't accepted by the time you prepare the return. This allowable for the first year.

I have never had success doing this. I've always filed a paper EXT and advised the client to expect a late filing penalty notice, which we will respond to and have removed.

I've never had a problem doing this. Maybe I'm lucky? I've never received a late filing notice doing this. Matter of fact, for my own business I did this the year I elected S Status on my practice and had no problems... But I understand your point of view.

Is there any harm in attempting to efile and then if rejected (which is likely) then file paper?

I've never had a problem doing this. Maybe I'm lucky? I've never received a late filing notice doing this. Matter of fact, for my own business I did this the year I elected S Status on my practice and had no problems... But I understand your point of view.

Glad to hear this.
It's right up there with faxing the 2553. I've had too many not be recorded. So, I mail them all now.

I've never had a problem doing this. Maybe I'm lucky? I've never received a late filing notice doing this. Matter of fact, for my own business I did this the year I elected S Status on my practice and had no problems... But I understand your point of view.

Glad to hear this.
It's right up there with faxing the 2553. I've had too many not be recorded. So, I mail them all now.

Your method is definitely a tried and true method.

What do you do if the S-Corp election has not been accepted by the time you prepare the return? Paper file? Again, I've always clicked the box to attach the 2553 to return and haven't had any issues.

For the elections I file before 3/15, I assume they are there as everything is timely filed. For any late elections, I paper file and include a copy of the election and extension with the return.
I still get late filing notices and end up trading correspondence with IRS to get it resolved. They all have eventually. Some easier than others.

A new client (friends son) set up a SMLLC April 2022. He assumed the attorney had filed the 2553. I just received the financials a few days ago and requested the election from him, only to find out the attorney never filed. I would like to file the 1120-S by March 15th by filing a paper copy of the return. I'm not clear on a few things.

1. Do I submit the 2553 only with the 1120-S? Or do I still need to separately fax in the 2553?
2. I have "Includes late election filed pursuant to Rev Proc 2013-30" on top of the 1120-S, and similar statement on the 2553. Should I also include a signed statement form the shareholder that they are reporting the income consistent with being an S Corp?

I'm a little gun shy on this. I had a client last year prepare their own 2553 and the IRS didn't allow the late election for the first year (but did allow it starting 1/1/2022). There was no reason given. It wasn't a big deal because they had very little activity, but just makes me nervous.

1. Do I submit the 2553 only with the 1120-S? Or do I still need to separately fax in the 2553?

I'm also interested in this. I believe attaching it to the 1120-S is fine, however I've heard people attach and also mail it in.

1. Do I submit the 2553 only with the 1120-S? Or do I still need to separately fax in the 2553?

I'm also interested in this. I believe attaching it to the 1120-S is fine, however I've heard people attach and also mail it in.

Only attach with the 1120S. If you fax or mail it in separately, they will try to make the election date the current year and generate more correspondence for you to handle.

Update, I e-filed a fed extension for the S Corp with the first year box checked as well as the 2553 box and it was accepted. I also sent it by certified mail RRR just in case. Probably overkill but want to cover the basis.

Re: 2553: In the past I have attached to e-filed return and followed the rev proc for late filing and it's been fine.