Discussion:IRS Transcript - will it show S election?
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
Discussion Forum Index --> Basic Tax Questions --> IRS Transcript - will it show S election?
Discussion Forum Index --> Tax Questions --> IRS Transcript - will it show S election?
| 18 May 2012 | |
| I have a client who insists they're a S corporation. All of the documentation they provided to me shows that they're a corporation; however there is no record of Form 2553 being filed.
| |
| 18 May 2012 | |
| You can request a letter from the IRS to verify if the S-corp. election is valid and the date that the election is effective. | |
| 18 May 2012 | |
| So, that's a no? I was hoping for a relatively speedy determination as I had promised them their return by the end of May. I don't think they filed the form at all - and they can't seem to remember (which I know sounds crazy) | |
| 18 May 2012 | |
| you can also contact the IRS directly to confirm the S-corp. election. However I would also request a formal letter from the IRS to keep in the client file. | |
| 18 May 2012 | |
| I just had a situation were the previous accountant filed a 1st year s-corp. return with a copy of the form 2553 attached. I contacted the IRS concerning the S-corp. election. The IRS had no record of the 2553 form being filed. The previous accountant also failed to file previous sales tax returns. I had to correct the mess. The shareholders had to amend the 2010 1040 because the S-corp. was not vaild. | |
| 18 May 2012 | |
| Look for Transaction Code 093 on the account transcript for the year in which the S corporation election is effective. See page 8A-6 of Document 6209 (2012), “IRS Processing Codes and Information.” | |
| 19 May 2012 | |
| Does anyone know if there is a special number to call for the s-corp letter from the IRS??? Is a POA needed or can anyone request it since it is going to the address on file for the corp?. I have 2 scorps that I need to get them for so I can get them to NYS. | |
| 19 May 2012 | |
| I had to do this for an S-Corp. I called the practitioner hotline, explained the situation and was transferred to the S-Corp dept. I asked the letter be sent to the address of record and it was. Unfortunately in my case the sole shareholder had moved 18 months earlier so no letter was ever received, but to answer your question, IRS seems to not mind doing this. | |
| 20 May 2012 | |
| Thanks everybody and especially Dave for that link. It seems to be those procedural and administrative issues that I need to gain more experience in. I appreciate it! | |
To join in on this discussion, you must first
log in.
