Discussion:Really Late S Election

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Discussion Forum Index --> Tax Questions --> Really Late S Election

Cindylee (talk|edits) said:

2 April 2008
Has anyone requested a private letter ruling for a late S election? I have a client that was incorporated in June 2001. They filed only one return, 1120, in 2001. Is it possible to request an election going back this far? Does anyone know how much it will cost and how long it would take?

Thanks!

Taxwizard (talk|edits) said:

2 April 2008
I have filed 2 PLR requests (both granted) for late S elections. Did the shareholders report their disributive share's of S corporation income on their respective returns? If the answer is no, I don't recommend going to the expense of filing a PLR request.

Cindylee (talk|edits) said:

3 April 2008
The client never filed their personal returns!

Taxwizard (talk|edits) said:

3 April 2008
I doubt that the Service would issue the PLR.

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