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1 Reply Latest reply: Aug 2, 2012 9:36 AM by Stephen L. Nelson RSS

S-Corp Election

ukiltmybrutha Newbie
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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?

 

Thank you

  • Re: S-Corp Election
    Stephen L. Nelson Novice
    Currently Being Moderated

    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.

     

    Steve, CPA, author of QuickBooks for Dummies

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