IRS Issues PLR Allowing Late S Corporation Election

The IRS has issued a private letter ruling on I.R.C. §§1361 and 1362 granting relief allowing a corporation that inadvertently failed to timely file Form 2553 to have its S corporation election treated as timely made for its intended effective date, contingent on filing the election form within 120 days of the ruling date. [PLR 202619017]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.