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Level 2
March 12, 2024
Question

S Corporation Election

  • March 12, 2024
  • 1 reply
  • 12 views

I have a problem to enter the election date, even I enter the date as was accepted by the IRS, in Roseries looks like an error.

 

proseries message:Effective Date S Election You have entered an effective date of S Election that is later than the beginning date of the tax year. 

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1 reply

sjrcpa
Level 15
March 12, 2024

What date did you enter?

What is the time period covered by the 120S?

Hint - it should be the effective date of the S Election, which is in the IRS acceptance letter, and not the date IRS issued the acceptance  which could be many months later.

The more I know the more I don’t know.
Level 2
March 16, 2024

Hi,

Thank you for your reply, I am actually entering the effective date, I have the IRS letter that confirms this date, yet I am still receiving an error message. I sent them by mail just to respect the filing deadline.