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J
judys3
Level 6
March 17, 2025
Question

S-corp acceptance?

  • March 17, 2025
  • 1 reply
  • 11 views

I have a new customer that their old preparer helped them form an LLC.  The old preparer has ghosted them since 2022.  I have their CP 575 letter from IRS showing 1120 needed to have been filed April 2024 but have also found 2553 requesting to changed to S-corp.  The taxpayer does not remember received a letter from IRS for acceptance only has the documents given by the preparer.  Do I assume S-corp status was accepted?  I need to file first and final return for them for 2023

Rambling I know.  Sorry.  Monday.  Happy St. Patrick's Day!

 

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1 reply

IRonMaN
IRonMaN
Level 15
March 17, 2025

The quickest way to find out if the IRS recognizes the sub S status is to try filing an extension for the 1120S.  If it bounces, you know what the status is.

Slava Ukraini!
J
judys3Author
Level 6
March 17, 2025

Thanks.  I need to get that done today!  There were no sales or expenses to this Scorp so wondering if penalties would be waived for 2023 the initial filing year

    IRonMaN
    IRonMaN
    Level 15
    March 17, 2025

    Everybody normally gets one get out of jail free card.

    Slava Ukraini!
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