BarbriSFCourseDetails
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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Friday, May 30, 2025

  • schedule Time

    1:00 PM E.T.

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00
CPE
ALL

This course will explain the steps outlined in Revenue Procedure 2013-30 to facilitate granting S corporation status to businesses requesting late election relief, as well as the more recent Revenue Procedure 2022-19, which identifies a number of issues involving S corporations that may be resolved without a private letter ruling. Our panel of S corporation experts will explain how to file a late S election, eligibility for filing a late election, and LLCs electing S corporation status for tax practitioners working with pass-through entities.

Faculty

Lynn M. Mucenski-Keck
Principal
Withum Smith + Brown, PC

Ms. Mucenski-Keck has over twenty years of experience in the accounting industry specializing in federal domestic and international tax planning for businesses, pursuing optimization to maximize cash impact.  She has advocated for privately held businesses through her testimony to the House of Representatives Committee on Small Business.  Ms. Mucenski-Keck highlighted how federal income tax policies including research and experimental capitalization, interest expense modifications, and the decrease in bonus depreciation are limiting cash in privately owned businesses and prohibiting innovation and growth.   She also leads Withum’s clean energy credit initiatives that have been significantly altered since the passing of the Inflation Reduction Act in August of 2022, including providing up-to-date information on the ability to elect the direct pay or transfer of the federal income tax credits. Ms.Mucenski-Keck received her Bachelor of Science degree in Accounting from St. John Fisher College and a Master’s in Taxation from the University of Denver. She is a CPA, licensed in New York and a member of the American Institute of Certified Public Accountants. She was appointed as a Forbes Tax Contributor in February of 2021. Previously, she was an Associate Accounting Professor at St. John Fisher College from 2010-2019.  

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Jennifer Keegan
Manager
Plante Moran

Ms. Keegan specialize in tax controversy matters with a focus on helping clients navigate complicated IRS exam and appeals processes. Additionally, she advises clients on collections matters, other federal tax enforcement actions, filing private letter ruling requests, and many other tax controversy matters. In addition to tax controversy matters, Ms. Keegan also provides guidance on emerging tax issues, including new tax legislation and developments in tax guidance.

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Description

A Subchapter S election must be filed no more than two months and 15 days after the beginning of the tax year the election is to take effect, or at any time during the tax year preceding the tax year it is to take effect. Generally, for calendar year taxpayers, the election must be filed on or before March 15th following the beginning of the tax year. This valuable election can help businesses avoid double taxation, reduce payroll taxes, and deduct initial or other operating losses.

Similarly, a missed, untimely filed, or improperly prepared Form 2553, Election by Small Business Corporation, can prove costly. A new business may be formed without consulting a tax professional, a deadline may be missed, or reviewing an initial year's return could create the need for S corporation status in retrospect. Fortunately, such curative relief is provided in Revenue Procedure 2013-30. General requirements must be met, including requesting relief within three years and 75 days from the effective date of the election. Also, the taxpayer must have and disclose reasonable cause for requesting late relief.

Listen as our panel of S corporation experts discusses properly preparing and filing Form 2553, relief available for missed, late, or improperly filed elections, and what constitutes reasonable cause when requesting this tax-saving status.

Our panel will also discuss the more recent Revenue Procedure 2022-19, which identifies a number of issues involving S corporations that may be resolved without a private letter ruling. The revenue procedure includes helpful guidance on addressing minor errors in completing and filing Form 2553, missing shareholder consents, tax returns filed inconsistently with the intended status, obtaining duplicate acceptance letters, and corrective actions for entities with certain defects in their governing provisions.

Outline

  1. S elections
  2. Late elections
    1. Improperly prepared elections
    2. Untimely filed elections
  3. Revenue procedure 2013-30
  4. Revenue Procedure 2022-19
  5. Private letter rulings
  6. LLCs electing S corporation status
  7. Best practices

Benefits

The panel will review these and other critical issues:

  • Unique considerations for LLCs electing S corporation status
  • What constitutes reasonable cause for a late Subchapter S election?
  • Common reasons that the IRS declines S elections
  • The procedures to follow to expedite acceptance of a late election under Revenue Procedure 2013-30
  • The procedures set forth in Revenue Procedure 2022-19 to address specified issues involving S corporations

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify types of late elections and relief procedures outlined in Revenue Procedure 2013-30
  • Determine the deadline for filing a Subchapter S election
  • Decide what constitutes reasonable cause for a late S election
  • Ascertain differences in filing requirements for LLCs electing S status
  • Use the procedures set forth in Revenue Procedure 2022-19 to address certain issues involving S corporations without a private letter ruling

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of pass-through taxation, including taxation of partnerships, S corporations and their respective partners and shareholders.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).