There is a Fed Voluntary disclosure program. I am not familiar with it.... but all of our tax attorneys in our organization are. It usually requires 5 yrs....this, perhaps others will comment on .
As far as the late election of the Sub S, you should be ok.....
NYS will allow and follow what the Feds do.
We have done this many times. We file the Corp return with the 2553. All software accommodates this and is e-fillable.
We specifically state that you are filing under Rev Pro 2013-30... and in it we put in the reason the following:
Statement to be attached to late filed for 2553
Relief is requested for late filing of form 2553 under Rev. Pro. 2013 - 30
The taxpayer is requesting r relief for late filing of form 2553. The error causing the non filing of the election was inadvertent. The taxpayer was wrongly advised that classification would be made at the time of filing the rerun corporate return..
" alternative wording " did not realize that filing this was election was due earlier. Or that thee was a separate election to be filed.
The requesting entity represents as required under Rev Proc 2013-30 that:
- This statement is made under the penalties of perjury, and
- The Requesting entity is an eligible entity as defined in §301.7701-3(a) and
- The requesting entity intended to be classified as an S corporation.as of the electing date and
- The requesting entity fails to qualify as an S corporation solely because the S corporation election was not timely filed pursuant to § 1362(b) and
- The requesting Entity timely filed all required federal tax returns consistent with its intended classification to be taxed as an S corporation.
Additionally, the taxpayer filed their 2015 1040 return showing the flow through of income from the 1120 S
The key here is that the taxpayer has not filed his 1040. So then you will file the 1040 as if the Corp is an "S"
We have NEVER had something kicked back at us.
Abby Alhante, CPA
Kurcias & Alhante, LLC CPAs
525 Broadhollow Road Suite 104
Melville NY 11747
516.829-5890 Fax 516-829-3976
Mobile 516-381-9301
AbbyA@calldcap.com
( E mail response preferred )
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