In order to elect S-Corporation status for an already existing C-Corporation for the current tax year, the corporation must file the IRS Form 2553 by March 15. If the corporation is filed on or after January 1 of the current tax year, then the S-Corporation election can be submitted anytime within the tax year as long as the filing is accepted no later than 75 days after the corporation has started any of the following activities listed below (whichever is earliest):
- Issued stock to shareholders
- Acquired assets
- Conducted business as a corporation
If the S-Corporation electing is filed more than 75 days after the above listed items then the S-Corporation status would still be elected, but it would not go into effect until the beginning of the next calendar year.
