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    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.

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