Relief for late S Corp election under Rev. Proc. 2003-43

[robnyberg]

Help me out, please. I've got an S Corp with late election.
I need to file a statement with another 2553 explaining the
reason. The reason is they timely filed they're own, but
forgot the officer's signature. When they got a letter back
from the IRS with 30 days to reply, it got set aside and
passed between the owners, until someone brought it in to us
too late. Now,after a phone call, the IRS wants a 2553
"Filed Persuant to Rev. Proc. 2003-43." Has anyone had this
situation? What language did you use?

Thanks,
Rob

 

[Harlan Lunsford]

Help me out, please. I've got an S Corp with late election.
I need to file a statement with another 2553 explaining the
reason. The reason is they timely filed they're own, but
forgot the officer's signature. When they got a letter back
from the IRS with 30 days to reply, it got set aside and
passed between the owners, until someone brought it in to us
too late. Now, after a phone call, the IRS wants a 2553
"Filed Persuant to Rev. Proc. 2003-43." Has anyone had this
situation? What language did you use?

Thank the nice people at IRS for that: that IS the language
you use.

ChEAr$,
Harlan Lunsford, EA n LA
Wed 9 Mar 2005

 

[JMc]

Help me out, please. I've got an S Corp with late election.

I need to file a statement with another 2553 explaining the
reason. The reason is they timely filed they're own, but
forgot the officer's signature. When they got a letter back
from the IRS with 30 days to reply, it got set aside and
passed between the owners, until someone brought it in to us
too late. Now,after a phone call, the IRS wants a 2553
"Filed Persuant to Rev. Proc. 2003-43." Has anyone had this
situation? What language did you use?

I don't believe any special language is needed. Just
explain to the IRS what you explained to the group.

The IRS has allowed elections for far better reasons such
as:

- Gave it to secretary to file, and secretary filed it in
the filing cabinet
- Accountants thought attorneys were going to file,
attorneys thought accountants were going to file

I haven't seen a "dog ate it", but it might work.

I just got an acceptance letter back from the IRS for a Qsub
election that was filed about 30 days late under the rev
proc. We just explained that there were so many things
going on with the purchase of the entities that the
accountants and attorneys just forgot, and that the client
reasonably relied on the professionals. That was enough
reasonable cause for them.

Josh

 

[Scott]

Help me out, please. I've got an S Corp with late election.
I need to file a statement with another 2553 explaining the
reason. The reason is they timely filed they're own, but
forgot the officer's signature. When they got a letter back
from the IRS with 30 days to reply, it got set aside and
passed between the owners, until someone brought it in to us
too late. Now,after a phone call, the IRS wants a 2553
"Filed Persuant to Rev. Proc. 2003-43." Has anyone had this
situation? What language did you use?

On the top of the 2553 write "Filed Pursuant to Rev Proc
2003-43" and attach a letter on company letterhead
explaining why it was filed late and that you are filing it
late persuant to rev proc 2003-43

Scott