LLC wishes to elect Sub S status to take advantage of California's
new pass-trough entity tax law related to SALT.
It is too late for file a Sub S election for tax year 2021. Any
chance the IRS would grant Late Filing Relief under these
circumstances?
Taxed and Spent <nospamplease@nonospam.com> wrote:
LLC wishes to elect Sub S status to take advantage of California's
new pass-trough entity tax law related to SALT.
It is too late for file a Sub S election for tax year 2021. Any
chance the IRS would grant Late Filing Relief under these
circumstances?
According to the Franchise Tax Board the new tax only applies to "S corporations, general partnerships, limited liability companies taxed
as partnerships, limited liability partnerships or limited
partnerships...." If this is accurate, then an LLC taxed as an S- corporation may not qualify.
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