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What statutory guidance is available to help

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Reference no: EM132620480

Avrs Corporation provides you with the following chronology regarding its formation all during 2019:

May 1 - Articles of Incorporation Filed

May 5 - Secretary of State approves Articles and issues charter

May 30 - Incorporators meet

June 1 - Shareholders subscribe stock

June 3 - Avrs opens a bank account

June 15 -Avrs places advertisements of its grand opening

July 1 - Avrs opens its doors

Assume that it is March of 2020 and that Avrs's S election was not timely but that it wants to be an S corporation for 2019. Assume further that the reason the S election was not timely is because the lawyer thought the accountant would file the Form 2553 and the accountant thought that the lawyer already filed the Form 2553. In a paper that is in length address the following:

Question 1: What options are available to Avrs, if any, to resurrect the S election?

Question 2: What statutory (IRC rule) guidance is available to help?

Question 3: What regulatory (IRS rules) guidance is available to help?

Question 4: What course of action do you recommend be taken and by when to repair the late election?

Question 5: What procedures must be followed?

Reference no: EM132620480

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