Late S elections: new Rev. Proc. facilitates and extends relief.

• Author: Josephs, Stuart R.
• Position: FedTax

Rev. Proc. 2013-30 facilitates the grant of relief to taxpayers that request relief previously provided in numerous other rev. pries. by consolidating the provisions of those rev. limes. into one rev. proc. and extending relief in certain circumstances.

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This new rev. proc. modifies and supersedes rev. pious. 2003-43. 2004-48 and 2007-62 for taxpayers to make: late S Corp elections, Electing Small Business Trust (ESBT) elections. Qualified Subchapter S Trust (QSST) elections, Qualified Subchapter S Subsidiary (QSub) elections and late corporate classified' ion elections which the taxpayer intended to take effect on the same date that the taxpayer intended that an S Corp election for the entity should take effect.

Rev. proc. 2013_30 also incorporates certain relief provisions included in Rev. Proc. 97-48 and supersedes the relief provided in Situation 1 of that rev. proc. It further obsoletes the relief provided in Rev. Proc. 97-48., Situation 2, because such relief is no longer available.

In addition. Rev. Proc 2013-30 incorporates certain relief provisions contained in Rev. Proc. 200.1-49 and modifies and supersedes the relief provided in sections 4.01 and 4.02 of that rev. proc. Moreover, it obsoletes the relief provided in Rev. Proc. 2004-49, Section 1.03, because the time for its narrow scope of relief expired.

New Exclusive Simplified Methods

Rev. Proc. 2013-30 provides the exclusive simplified methods for taxpayers to request relief for: Late S Corp elections, ESBT elections, QSST elections, QSub elections and late corporate classification elections that the taxpayer intended to take effect on the same date that the taxpayer intended that an S Corp election for the entity should take effect.

This new rev. proc. provides relief the taxpayer satisfies die general requirements of Rev. Proc. 2013-30. Section and the specific requirements applicable to that taxpayer under Rev. Proc. 2013-30, as follows:

No User Fees

Rev. Proc. 2013-30 provides procedures within its scope that are in lieu of the private letter ruling (PLR) process ordinarily used to obtain relief for a late "Election Under Subchapter S" (defined below) pursuant to IRC Sec. 1362(b)(5), Sec. 1362(f) or regs. secs. 301.9100-land 501.9100-3. User fees do not apply to corrective actions tinder Rev Proc. 2013-30.

Alternative Relief

An entity that: does not meet the requirements. for relief or is denied relief under Rev Proc. 2013-30 may seek relief by...