Clarification for LLCs: when to make an S Corp election.

• Position: FTB NEWS - Correction notice

Eligible LLCs can complete and file federal IRS Form 2553, Election by a Small Business Corporation, to elect to be treated as an S corp. If the election is made within two months and 15 days after the beginning of the tax year, then the election will take effect starting that tax year. However, if the election is made after the first two months and 15 days of the tax...