Missed the 2.5-month S-election deadline? File Form 2553 up to 3 years 75 days late with reasonable cause — no PLR fee.
Rev. Proc. 2013-30 provides automatic relief for late S-elections (Form 2553) up to 3 years and 75 days after intended effective date, without requesting a private letter ruling ($10K+ fee). Requirements: (1) entity intended to be S-corp from the effective date, (2) failure was due to reasonable cause, (3) all shareholders reported consistently, (4) statement of reasonable cause attached. Retroactively activates S-corp benefits for years already filed as C-corp or default LLC.
Click Generate advisory deep dive for mechanics, IRC citations, a step-by-step execution plan, a worked numeric example on your profile, costs, risks, and this-week actions.
Front-load depreciation on real estate to slash current-year taxes.
Turn W-2 income into tax-free passive rental losses.
Defer capital gains indefinitely by rolling into bigger real estate.
Defer + eliminate capital gains via OZ funds.
Rent your home to your business up to 14 days/year — tax-free.
Deduct 20% of pass-through business income.
Slash self-employment tax on profits above ~$50K.
Expense equipment, vehicles, and property in year one.