Form 1120S & 1040-No extension

[Bird Legs]

Client formed an S Corp. at the beginning of 2006. Previously Sched. C.
An extention was filed for the 1120S. Problem is client has an installment agreement with the IRS and cannot get an extension for the 1040. Would it be possible to guestimate the income for the 1120S base on the 2005 operations, taking in consideration the W-2 to the sole stockholder and prepare the 1040, then later after the 1120s is prepared, file an amended 1040?
Time is short and a lot of work ahead.
Thank you for any assistance.
PS reason for delay on the 1120S & 1040: have been diagnosed with Lymphoma and will be undergoing treatment.

[ChEAr$]

I see no reason

why an installment agreement precludes an extension for the 1040. Never bothered me
or a client before; or IRS. As long as he's paying on time, he's entitled to regular
treatment.

But if you're concerned about it, pick up the phone and talk to someone at the practitioners'
hotline,.

[jainen]

doing the best he can

>>client has an installment agreement with the IRS and cannot get an extension for the 1040<<

Form 4868 is an automatic extension. The terms of the installment agreement are to file on time, which an extension meets just fine. Be sure to make a bona fide estimate and pay the amount due, because that also could default the agreement.

I wouldn't worry if he's doing the best he can.