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

Mar 09, 2005 3 Replies
R

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



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H

Thank the nice people at IRS for that: that IS the language you use. ChEAr$, Harlan Lunsford, EA n LA Wed 9 Mar 2005

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J

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

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S

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
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