Shareholders of a calendar-year C corporation want to elect S corporation status for the current year. What is the deadline for filing Form 2553 to be effective for the current year?

Answer options:

April 15 of the current year.

March 15 of the current year.

December 31 of the prior year.

September 15 of the current year.

How to approach this question

S Corp Election Deadline: 15th day of 3rd month.

Full Answer

B.March 15 of the current year.✓ Correct

To be effective for the current taxable year, the S corporation election (Form 2553) must be filed by the 15th day of the third month of the tax year (March 15 for calendar year filers).

Common mistakes

Confusing it with the individual tax return deadline (April 15).

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