I started a business on February 2nd of 2023, and my Tax Year will be 1st January, 2023 to 31st December, 2023, and the business tax filing deadline will be 15th April, 2024. Will I be in compliance if I file my S-Corp Election (Form 2553) by March 15th, 2024? If not, what can I do to have my business be treated as a S-Corp for 2023?
According to the IRS, the form is due within 2.5 months of the beginning of the first tax year during which you want the election to become active.
Also, according to the IRS, the deadline for S-Corp tax returns is March 15th, not April.
You may be able to qualify for late election relief.