Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Processing

Form 2553 (Revenue Procedure 2013-30)

Revenue Procedure 2013-30, effective September 3, 2013, consolidates the previous Revenue Procedures that were used to request relief when filing Form 2553 late. The only Revenue Procedure available to request for the late filing of Form 2553 will be Rev Proc 2013-30.
When a reason for failing to file Form 2553 by the due date is entered on the
2553
 screen in the
Elections
 folder, UltraTax CS assumes the requirements of Rev Proc 2013-30 are satisfied.
The Form 2553 instructions list a number of requirements, which will need to be met to request relief for a late S Corporation election. One of the requirements is that the S Corporation provides statements from all shareholders stating they’ve reported their income consistent with the S Corporation election for the year the election should have been made and all subsequent years.
Based on the Form 2553 instructions, this requirement is satisfied when the shareholders sign Form 2553, Part I, column K, Shareholder's Consent Statement. Therefore, UltraTax CS doesn't include separate shareholder statements.
If there is data entered in the
Additional reasons which caused Form 2553 to be filed late:
 fields, UltraTax CS will print reports that will require signatures, depending on the cause of the late filing.
As with previous years, there are 2 versions of Form 2553 included in UltraTax CS. Form 2553 will print when the election is filed with the return, while Form 2553 Sep will print when the Form 2553 is filed separately. The default is to file Form 2553 as an attachment to Form 1120S when it is filed late.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close