Urgent - LLC to be taxed as a S Corp

[Arthur C.]

Hello BP Community,

I have an important tax related question that I need someone to help answer. I have created my LLC back in July 2018 and started my first flip in August 2018. I actually had 2 months and 15 days to elect my LLC to be taxed as a S Corp after I created my LLC. However, I unfortunately did not elect as a S Corp in a timely manner.

My first flip is subject for closing on the last week of December and I am starting to wonder if it makes sense to delay the closing till 2019 so that I can be eligible to elect my LLC as a S Corp between Jan 1 - March 15.

However, my big question is...

Can the profits from my first flip still get taxed as S Corp (only on the partial portion of profits I draw as my salary not the distribution I take) even if the project actually started before I elect my LLC as a S Corp but do the closing , say on Jan 2, 2019, which is after the date of my election to tax my LLC as a S Corp?

If you could tag a good CPA that could give an answer shortly, I would greatly appreciate it very much!

Wish you and your family Happy Holidays!

Warm regards,

AC

[Arthur C.]

@Michael Plaks just thought you would probably help answer this question. Much appreciated!