Wrong S Corp Election Year

Forum|Forum|4 years ago
March 3, 2022
1 reply
9 views

Form 2553 filed in December 2020 with effective date of January 2020 [should have read January 2021]. Taxpayer filed a schedule C as sole prop for TY 2020. Now wants to file Form 1120S for TY 2021 [assuming effective date is Jan 2021]. Is taxpayer forced to file schedule C again for TY 2021? Is the S Corp election rejected because the effective date too early from the filing date of Form 2553? Taxpayer hasn't received any notices regarding Form 2553.

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Best answer by dkh

Has client been paying themself wages from SCorp ? Has client been doing all business under SCorp name and through SCorp bank account? If yes, then if it were me, I'd file the 1120S

Was 2553 faxed or mailed?

Could attach F2553 with late filing relief to 1120S, if you think first filing will be rejected.

dkhAnswer

Level 15

Has client been paying themself wages from SCorp ? Has client been doing all business under SCorp name and through SCorp bank account? If yes, then if it were me, I'd file the 1120S

Was 2553 faxed or mailed?

Could attach F2553 with late filing relief to 1120S, if you think first filing will be rejected.

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