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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- SCorp Election Date
SCorp Election Date
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thetaxdoctor1
Level 3
08-10-2023
04:41 PM
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Hello,
We filed the Form to obtain an S Corp Election and wanted it to be effective 1/1/2022. The IRS said they didn't receive the form and we sent it in again and they gave us and S Corp election date of 1/2/2023, but we will be filing an 1120S for 2022.
How do you indicate that we were acting as an SCorp in 2022 in ProSeries. We don't want the return to be rejected.
Thanks for your assistance.
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2 Comments 2
sjrcpa
Level 15
08-10-2023
05:12 PM
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Mark Initial return?
It probably will be rejected since the IRS does not show it as an S Corp for 2022.
The more I know, the more I don't know.
dascpa
Level 11
08-10-2023
06:39 PM
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The IRS has "misplaced" a ton of 2553 forms in the past few years. Also, acknowlegements can take well over a year to process. It has caused me many nightmare issues. My suggestion is to read the Late Election section of the 2553 instructions and submit it again (initial return or amended return) with an explanation. Since this has to filed via a paper return it could take more years to hear back. Very, very frustrating.
