Valid IRS Reasons for Late Filing of Form 2553
The Internal Revenue Service requires limited liability partnerships and corporations to file Form 2553 within 75 days of the beginning of the tax year to be considered an S corporation for tax purposes. In most cases, a business entity that misses the filing deadlines cannot be considered an S corporation for that tax year; however, in certain cases the IRS allows it to file late and still receive tax benefits.
Lawyer Error
If a business owner expects his lawyer to handle filing form 2553 and the lawyer fails to do so on time, he can claim that it was reasonable to trust the lawyer. Business lawyers should know tax laws, including laws regarding the form 2553 deadline. The IRS presumes the business owner does not know these laws; if he did, he would have no need to rely on a lawyer to file this paperwork.
Inadvertent Failure to File
If the business owner does not realize she had to file form 2553 until after the 75-day period has passed, the IRS considers it an inadvertent failure to file. If the business owner corrects her mistake within six months of discovery, the IRS accepts inadvertency as a valid reason.
What to Do
If a business owner gets a notice from the IRS that their S corporation status was denied because of failure to file Form 2553 on time, it is best to consult a tax professional. Tax professionals can prepare a letter to the IRS demonstrating reasonable cause for late filing as well as filing Form 2553 correctly so that there will be no further problems.
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