Post: Mistaken S Corp Election
Posted by Jason on 6/30/11
I have a client that has a fiscal year end C Corporation,
however the IRS has record of an S election being filed in
2005. We, the accounting firm, had no record of this and
continued to file the return as a C Corporation. The IRS
has now realized this and has requested that we file S
Corporation returns for the last 5 years. This would not
be an issue since the taxable income was properly managed
in the C Corp however due to the IRS wanting the client to
change year ends from a fiscal year to a calendar year end,
because of the S election, the amount of taxable income is
now substantial. Any help would be welcome. Thanks.
Posts on this thread, including this one
- Mistaken S Corp Election , 6/30/11, by Jason.