How to cancel FEIE revocation before 5 years period ends?

Forum|Forum|4 years ago
August 9, 2022
4 replies
30 views

Hi!

One of my client's revoke FEIE on year 2017, but his income has been increased a lot and using Form 2555 and form 1116 combination would be favorable this year.

In that case how can I get the IRS's permission? Does he files the request form with the tax return? or should he get the permission before filing his tax return? And how long would it take?

Thank you!

ProSeries Professional

This topic has been closed for replies.

Best answer by TaxGuyBill

I suspect that between the high IRS fee for the ruling, your high fee for a complex application for the ruling, and that it might not even be approved, it may likely be better to just not do it, and wait until the 5 year period ends next year.

sjrcpa

Level 15

Thee 2555 instructions say to See Pub. 54 for more information

https://www.irs.gov/Pub54

Page 20.

The more I know the more I don’t know.

D

dnjustaxAuthor

Level 3

Thank you!

T

TaxGuyBillAnswer

I suspect that between the high IRS fee for the ruling, your high fee for a complex application for the ruling, and that it might not even be approved, it may likely be better to just not do it, and wait until the 5 year period ends next year.

D

dnjustaxAuthor

Level 3

Yes, I think that would be cheaper.

Thank you so much!

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