It probably not too late to file 2023 as an S-Corporation (with certain caveats of course, and even if you don't qualify for this, you can get a Private Letter Ruling):General Relief Rules for S Corporation ElectionsThe following requirements must be met in order to qualify for late S corporation election relief:The entity intended to be classified as an S corporation, is an eligible entity, and failed to qualify as an S corporation solely because the election was not timely;The entity has reasonable cause for its failure to make the election timely;The entity and all shareholders reported their income consistent with an S corporation election in effect for the year the election should have been made and all subsequent years; andLess than 3 years and 75 days have passed since the effective date of the election (See the Exception to the 3 Years and 75 Day Rule section below).Exception to the 3 Years and 75 Days RuleCertain entities can qualify for the exception to the 3 years and 75 day rule when:The entity is a corporation (i.e., not an LLC seeking an entity classification election);The entity failed to qualify as an S corporation solely because the election was not timely field;The corporation and all its shareholders reported their income consistent with S corporation status for the year the S election should have been made and for every subsequent taxable year (if any);At least 6 months has elapsed since the date on which the corporation filed its tax return for the first year the corporation intended to be an S corporation;Neither the corporation nor any of its shareholders was notified by the IRS of any problems regarding the S corporation status within 6 months of the date on which the Form 1120S for the first year was timely filed; andThe completed Election form includes the statements as described in the revenue procedure.Late Election Relief