If a U.S. domestic entity is eligible to be taxed as an "S" corporation, the entity must timely file an IRS Form 2553. Form 2553 must generally be filed within 75 days of the desired effective date. If Form 2553 is filed after the deadline, the entity may request relief under the late election relief procedures in IRS Revenue Procedure 201330.

The revenue procedure outlines 4 requirements the corporation must meet in order to be eligible for relief:
1. The entity intended to be an S corporation as of the desired effective date;
2. The entity is filing Form 2553 within 3 years and 75 days of the desired effective date;
3. The entity's failure to qualify as an S corporation was solely because the election was not timely filed; and
4. The entity has reasonable cause for its failure to timely file the election, and the entity acted diligently to correct the mistake as soon as it was discovered.

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