Data: The 21st Century Building Material
Bid, design, build, and operate. The amount of information required to take a job from bid all the way through completion is vast. With market competition ...
On August 14, 2013 the Internal Revenue Service combined parts of several revenue procedures that have been issued over the past 15 years into a new revenue procedure that provides relief to companies that make late elections to become S corporations.
Revenue Procedure 2013-30 provides the exclusive simplified methods for taxpayers to request relief for late S corporation elections, Electing Small Business Trust elections, Qualified Subchapter S Trust elections, Qualified Subchapter S Subsidiary elections and late corporate classification elections that the taxpayer intended to take effect on the same date that the taxpayer intended that an S corporation election for the entity should take effect. The revenue procedure provides relief if the taxpayer satisfies certain requirements.
Along with the Revenue Procedure are four flowcharts designed to help taxpayers apply the revenue procedure to the late election for their situation. The updated rules generally extend the time to ask for a late S corporation election until three years and 75 days after the election was planned to take effect. If taxpayers do not qualify for the simplified relief, they can still ask for a private letter ruling from the IRS.
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The general rule under Internal Revenue Code §451 is that an item of income shall be included in gross income for the taxable year or receipt unless ...