late filing 2553

[tracyb]

I have a new client that was incorporated in 2007 and has been filing as an S-Corp. The 2553 was filed when the corp was created, however, IRS has recently notified them the 2553 was not filed and is no accepting the s-corp returns.

What are thoughts as to how to remedy this since it has been since 2007 and the returns have been filed but apparently not accepted.

Thanks in advance.

[ttbtaxes]

Your going to have to qualify under Rev. Proc. 2013-30. You'll have to read this revenue procedure carefully paying particular attention to the requirements to qualify for relief and how to apply for it. Did all the shareholder(s) report the income on their personal returns?

[Burke]

The 2553 was filed when the corp was created, however, IRS has recently notified them the 2553 was not filed and is no accepting the s-corp returns.

Does client have a copy of the form, but no acknowledgement letter from the IRS? Sometimes attorneys do the Corp documents, but leave the 2553 up to the accountant. Sometimes they do it, and may have the document & letter in their files, or a record of when it was sent in. ttbtaxes has some good advice.