AI Q&A: Behind the Deadline: Three Acceptable Reasons for Filing a Late S-Corp Election with the IRS
See OpenAI GPT-4 Answer: Can you provide 3 examples of reasons the IRS would allow a late S Corp election?
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Q: Can you provide 3 examples of reasons the IRS would allow a late S Corp election?
A: Sure, here are three scenarios which may qualify as a reasonable cause for the IRS to grant relief for a late S Corp election:
Procedural or clerical error: If the business entity can demonstrate that it failed to make a timely S Corp election due to procedural or clerical error, the IRS might forgive the delay. Examples could include a misread of tax deadlines, misplacement of paperwork, or misunderstanding of the filing procedures.
Incorrect advice from an advisor: If you received inaccurate, incorrect, or faulty advice from an attorney, tax professional, or even the IRS itself regarding the election or filing process, the IRS may consider this reasonable cause for a late filing.
Unforeseen circumstances or events: If your business experienced serious unforeseen events like a natural disaster, severe medical incidence, or similar occurrences that directly prevented you from filing on time, you might qualify for late election relief.
Remember, all these scenarios depend on your ability to convincingly demonstrate the reasonable cause to IRS. The final decision of IRS will hinge on the specific situation and how convincingly the reasonable cause and good faith effort to correct the mistake were presented. That's why it's essential to seek the advice of a tax professional when pursuing this routes.
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