Procrastinators, Inc. did not file a timely S election when they began operations on January 1, 2020. What advice can you offer? They have three years and 75 days to make a late S corporation election. There is no time limit on filing a late S corporation election. The late S corporation election needs to be filed by the end of the first year of operation, so it is now too late to make an S election. The late S corporation election must be filed before the start of the third year of operations.