Discussion:S Corp election
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Discussion Forum Index --> Tax Questions --> S Corp election
| 25 May 2006 | |
| My client failed to file a Scorp election on time. We filed for extension. The corporation was opened in Aug last year. I faxed the 2553 on April 20th. IRS rejected 1120S on May 15th since Scorp has not been allowed. When I contacted IRS they asked me to send a letter complying with Rev Proc 2003-43, 2003-23 IRB 998. I can't find this rev procedure. Can somebody help me? | |
| 25 May 2006 | |
| AJS:
Go to Tax Research Resources and select the link to Revenue Procedures. That page has a link to another site which should have what you're looking for. - Tim Doyle, TaxAlmanac Moderator 10:46, 25 May 2006 (CDT) | |
| 25 May 2006 | |
| Revenue Procedure 2003-43
And it even works. | |
| 26 May 2006 | |
| I have used the Rev Proc a number of times. You will need to have a good excuse such as the client failed to file timely due to lack of knowledge or the attorney and the client believed that each one was filing the election. | |
Michaelstar (talk|edits) said: | 26 May 2006 |
| This method does work as I have also used it. I do suggest that you send in your paperwork to the IRS via certified mail/return receipt. Obtain a POA from the client (do yourself a favor - run it for six years at least then you do not need to redo this every two or three years). Then follow up with the IRS in 60 days, then 90 days if you do not get an answer. The IRS should send out a letter confirming the S-Corp status and you will need to keep this letter in your files - forever - but I (nor the client) have always received the letter until I have called. Good luck. | |
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