2022 S Corp letter from IRS

Forum|Forum|2 years ago
April 1, 2024
3 replies
18 views

new one for me.. client just emailed IRS letter re: 2022 Form 1120S. letter says no valid 2553 filed though I know one was filed.. but anyways, is it best to file 2022 as a C Corp now or is there anything to be done to get 2022 S Corp status survive. letter talks about late relief but I never had this issue, not sure how to handle it. thank you.

ProSeries Professional

S

strongsilence

Level 10

I advise filing another S election with late language. See the Snip. Also reference Rev. Proc 2018-58 and cite it at the top of Form 1120S, if it applies. I have had 3 late elections pass and one fail, which I am currently trying to resolve. I think the processing of these has been affected by the pandemic.

dkh

Level 15

I'd file the 2553 and check the box for Late filing relief.

sjrcpa

Level 15

I'd reply to the letter with the original signed 2553 and proof of mailing.

The more I know the more I don’t know.

IRonMaN

Level 15

I would do the same as Susan. I think I have a return like that lurking since my e-filed extension for an 1120S bounced even though the 2553 was filed with the return a couple of years ago. Believe it or not, the IRS does mess up every now and then.

Slava Ukraini!

dkh

Level 15

New SCorp clients were required to provide me with a copy of the S Election Acceptance letter.

Didn't matter if they brought copies of previous 1120S returns. I wanted proof IRS said they were an SCorp.

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