The IRS yesterday announced a new procedure designed to simplify the process for taxpayers wanting to request relief for late S corporation elections. According to the new procedure, companies will now be able to file their S corporation election form at the same time they file their taxes as an S corporation, provided they have a good reason for the late submission.
This is the latest of several simplifications the IRS and Treasury Departments have announced for the S corporation community in recent months.
The full text of the announcement can be found here.