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Discussion Starter #1
I got a letter from the IRS today stating that my S Revocation is effective as of 1/1/2008, and that I'm now an LLC again.

That really sucks, because my accountant had me file for 2007 as an LLC (sole proprietorship), which means we only did a schedule C and attached it to my personal return. We didn't file a separate return for transio.

I had previously sent in the S Revocation as per his instructions. Only got communication of the effective date yesterday.

:(:( What happens now? :(:(
 

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amend the 2007 1040 and complete your s corp's 1120S for 2007. submit both returns with suitable explanation and documentation. cross fingers.

it's not like you were intentionally deceiving the IRS and i don't think there will be a difference in amount owed (but that's just a guess)

not a tax expert and didn't sleep at a holiday inn express.
 

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Just talked to my accountant. He said I should just sit and wait. The IRS got their money and I filed my Schedule C as though it's a pass through (which it sorta is), and that's probably good enough. He said not to file anything additional that would raise any eyebrows.

Does that shound right, or do you think he's just being lazy?
 

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Just talked to my accountant. He said I should just sit and wait. The IRS got their money and I filed my Schedule C as though it's a pass through (which it sorta is), and that's probably good enough. He said not to file anything additional that would raise any eyebrows.

Does that shound right, or do you think he's just being lazy?
Sounds right to me but I'm no CPA.

I don't even address mine at the federal level as it's a zero dollar holding entity (and would show nothing on pass through). I gotta get my state filings together this month though.
:(

What does the cat think about it?
:D
 

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Just talked to my accountant. He said I should just sit and wait. The IRS got their money and I filed my Schedule C as though it's a pass through (which it sorta is), and that's probably good enough. He said not to file anything additional that would raise any eyebrows.

Does that shound right, or do you think he's just being lazy?
thats "sorta" ok...next step if any questions are asked to file the return for transio with zero revenues and expenses....then u are in compliance.

im not sure i followed u completely though....
:)
 
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