Client incorporated his business January 07 but did not elect S corporation Request was mailed in on 4/17/08. Blamed the attorney. It is now 2-1/2 months later and no response. What is the normal time for IRS to acknowledge this request?
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Late Election Relief
Zero, was the request simply a Form 2553 or was it accompanied by a request for late election relief?
There is a fabulous discussion of how a late election may be made, from The Tax Book, Small Business Version, S Corps, Page SB3-4 and SB3-5. This discussion I believe to be the finest and most helpful to be found anywhere. -
Late Filing Relief Request
Yes, the original request quoted the regulation for late filing acceptance.Comment
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SMLLC Client properly filed form 8832 and 2553 together and only received confirmation on the 8832. Still waiting for IRS to approve the 2553.
I've seen more than three failures of the IRS to recognize the proper submission of form 2553. It's not hard to fix, just a PITA.Comment
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Yep same thing just came up with a customer of mine. They closed the LLC down in the middle of 2007. They had never filed a 2553. LLC business being treated as S-Corp. So I filed one and it was returned because they did not sign it where I marked. The IRS has been sending letters about it since January 08 and they did not get any of them. Some way they finally got it. IRS sent back original to be signed. I told them to sign it and see what happens. But in the meantime the tax returns were not accepted. I am going to see if it will work itself out.
So because they did not sign the form in the middle section, it has caused this.Comment
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2553 Response
My client advised me today that he received the approval on the 2553 form. Filed it in April and received approval in August. So thats how long it takes.Comment
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