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FAQs for Hurricane Victims - S Corporation Elections

(10/3/06) Q:  Does the relief provided by the Service for affected taxpayers from the areas of Louisiana, Mississippi, and Alabama most severely damaged by Hurricane Katrina include the time to file Form 2553, Election by a Small Business Corporation, to elect treatment as an S Corporation?  If so, what is the last day to make such an election?  (Note: This FAQ updates and clarifies the information previously posted on August 25, 2006.)

A: Yes.  The deadline for electing treatment as an S Corporation is postponed.   Notice 2006-20 states that the time to perform the acts listed in Rev. Proc. 2005-27 are postponed to August 28, 2006.  Paragraph 13.12 of that revenue procedure lists the deadline for electing treatment as an S Corporation.  However, the IRS will treat elections for tax year 2006 as timely as long as the election is made by October 16, 2006.  For elections for years before tax year 2006, due on or after August 29, 2005, and on or before August 28, 2006, the IRS will treat the election as timely if the election is made by the earlier of  October 16, 2006, or one year from the original deadline for making the election under the Internal Revenue Code.


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Page Last Reviewed or Updated: 17-Oct-2014