Relief for filing late S elections?

[tacks]

I'm just looking over this now. I want to file a late S election for 2009.

What is the easiest way to get this?

2007-62?

97-48?

2003-43?

It seems like this start up Corp would qualify for any of the three. (less i'm missing something)

Do these usually late elections usually get granted?

Reasonable cause (if needed): There was a delay in State Subsidies which my client is entitled to and has since received. My client received bad advice from the people he hired to do the accounting (true). My client misinterpreted the confirmation he received when registering his business and believed that he WAS an S Corp.

I understand that there was once (probably still is) a special branch of the IRS that handled late filed S elections. I intend to fax them the paperwork on Monday and follow up with a call.

any thoughts?

(as always i much appreciate the advice on this board -- it's been extremely helpful. thanks again)

[Gretel]

Reasonable cause

I only have one experience with late S-Corp filing and also the first tax return was not filed yet. Then it can be done with the filing of the first tax return. Don't have any research material at home (were I am at) so don't know which of the three this is.

I am mainly responding to the "reasonable cause" question. In most cases (not just for late S-Corp acceptance) it is good enough to just say "for reasonable cause" not giving any details. When the IRS computer reads these words it is happy. Learned this in a seminar.

In my case I just said misunderstanding between lawyer and client. No problems.

[tacks]

Thanks Gretel, for your thoughts on "reasonable cause."

That's helpful to know.

[tacks]

Hi Gretel,

I just spoke the IRS small bus dept. And the rep, more or less, confirmed what you just said about "reasonable cause."

[tacks]

Thanks

My client just got notice that the IRS is allowing them the late filed S Election -- huge savings for my client. (And a huge headache that i was able to avoid.)

Thanks very much for your help (referring to the posts which i read in this thread and others).