Level 2

Question

corporate tax..how do I know if it is a 1120s or1120

Forum|Forum|4 years ago
October 20, 2021
3 replies
26 views

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ProSeries Professional

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IRonMaN

Level 15

There is a separate homebase for each type of tax return.

Slava Ukraini!

Just-Lisa-Now-

Intuit Community Champion

You may want to elaborate on your question...are you asking how do you know if a corporation is an S- Corp or not?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

joshuabarksatlcs

Level 9

We were in a bar and seemed to run out of things to say so one of us suggested to go around and name the most amazing thing ever invented and explain why it was amazing.

So we went around and some said the space shuttle because... some said the fax machine because,.. on even said the dance pole because...

Finally it was Zeek's turn and he said, "Thermos"

Why? we asked.

Because when you put hot stuff in it, it keeps it hot, and when you put cold stuff in it, it keeps it cold.

Why would that be amazing, Zeek? we asked.

And Zeek said:

But how does it know?

I come here for kudos and IRonMaN's jokes.

joshuabarksatlcs

Level 9

But serious folks, Form 2553 can only be paper-filed. The IRS was so behind that two new clients came to me saying the 1120S they tried to e-file for their new S corps were rejected because "We the IRS don't think yours is an S corp".

After taking care of the two clients, I tried to e-file a client's new S corp (F2553 was filed in the first week of 2020), sure enough, it was rejected. So, I had to do the same dog and pony filing. (Basically paper-filing 1120S, pretending it was a late election under Rev Proc 2013-30, with an explanation that F2553 had been timely filed by certified mail dated Jan xx 2020.)

The 1120S was accepted and the determination letter was received by client in September 2021.

And we all lived happily thereafter.

I don't know if the IRS is still behind in processing F2553. Sharing this with you in case you don't know why it ain't 1120S while it should really be 1120S for a 2021 new S Corp client.

I come here for kudos and IRonMaN's jokes.

ljr

Level 9

not really sure what you are asking but. . . how about ask your client are you an s-corp? and ask to see the IRS s-corp acceptance letter to make sure. At least half the clients say I'm a corp or an LLC and when you press them they don't know what they are. (and then the fact they they are running a business is another topic. . . .)

PATAX

Level 12

Clients like that qualify for the Nikola Tesla Junior award...

IRonMaN

Level 15

Modifying a line from our old friend Chuck ----------we all have morons on our team.

Slava Ukraini!

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