To be an S corporation beginning with its first tax year, the corporation must file Form 2553 during the period that begins January 7 and ends March 21. Because the corporation had no prior tax year, an election made before January 7 won't be valid.

When can I elect S-Corp status?

Existing LLCs and C Corporations with a tax year that began on January 1 have until March 15, 2021, to file IRS Form 2553 (Election by a Small Business Corporation) to request S Corporation status for the tax year.

When can you make an ESBT election?

The trustee must make the election to treat a trust as an ESBT within the two-month-and-16-day period beginning on the date of the trust's receipt of the S corporation stock (see Regs.