Late S election

[oceanlovin'ea]

According to Rev Proc 2007-62 we can file form 2553 with the 1120S to request relief for not filing the 2553 timely.

On the form you still have to state a reason why you didn't file the form when you should have. What are some reasons that are acceptable to the IRS?

This was a person who had some knowledge and was doing most of the filings herself although she did ask me for some help. When I asked her for the letter from the IRS saying they had been give S status, she didn't know what I was talking about and couldn't find any such letter.
I thought she had done it and she doesn't remember anything about it. They moved during the year in stages. They thought the house was sold and moved their stuff 200 miles away to north Florida, but the deal fell through so she was staying in the new house and coming down to the old house for periods of time. Husband was still in old house because he was still working at his job. Oldest daughter was still in school here. So it was a crazy year for them.

I want to put a reasonable explanation but not too specific.

Thanks. Linda F

[veritas]

I always blame

the attorney, that works every time.

I have not used this revenue procedure but have used Revenue Procedure 2003-43.

[oceanlovin'ea]

They didn't have an attorney. She did most of the filing herself. She asked me for some help and I gave her a list of things to do, but she was doing this in the middle of tax season so I didn't really follow through with her.

Linda F

[veritas]

How about

the taxpayer was inexpert in the complexities of tax law and should have hired an attorney for proffessional advice.

[ED SMITH]

We deal with late filers all the time. We never send in the form and it has never been
asked for. (Now that I've said that - the next one that goes in will probably have the form asked for)

[oceanlovin'ea]

How would it sound if I said something like this: "We had sold our house, packed up everything including business papers and moved 150 miles away. Then house wasn't sold so for approximately 6 months we were living in 2 places. I thought I had filed all the necessary paperwork but guess I should have hired professional help."

Or is that too much information for them?

Linda F