So with the help of a friend who is a CPA, I have started a small business. My CPA has held my hand a little but wants me to do almost everything myself at their perrogative which I am ok with. About 70 days into the process, I filed form 2553 via fax to the fax number specified by my State. How will I know whether or not my request was granted. Do I need to call in or is a status available online?
I'm going to answer your question because though I'm sure you've received correspondance from IRS by now, others will read this post...
So, when you make an S election (using the 2553 form), the IRS will send you a letter, a CP261, indicating they've accepted your S election. In my experience, this process often takes 8-12 weeks... so at 70 days, you're within the "window."
You can also give them a telephone call. Eventually, you'll get transferred to someone who can answer your question.