Washington Tax Alert August 16, 2013 (Late S elections and QSub elections)

Washington Tax Alert from Don Barnes, [email protected]

August 16, 2013

The Service issued a revenue procedure this week (Rev. Proc. 2013-30) which consolidated five prior revenue procedures that afford relief for taxpayers making late S elections, late QSub elections, and related late corporate classification elections. Rev. Proc. 2013-30 is effective September 3, 2013. The prior revenue procedures are superseded, and portions of two of the revenue procedures are designated as obsolete.

Rev. Proc. 2013-30 did not supersede Rev. Proc. 2009-41, which generally provides relief for late entity classification elections if relief is requested within 3 years and 75 days of the requested effective date of the classification election.

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