Hey thanks for the response! What do you make of this on the 2553 instructions though?
“Do not file Form 1120-S for any tax year before the year the election takes effect. If the corporation (entity) is now required to file Form 1120, U.S. Corporation Income Tax Return, or any other applicable tax return, continue filing it until the election takes effect.”
Definitely get your point and have heard it elsewhere. I have yet to find this rule in the tax code that covers late penalties surrounding these types of conversions with significant delays from the irs involved.
The 2021- 1040 was sent timely I’d say, not really rushed(especially with the propaganda during the time with delays in processed returns/refunds). The reason the 1040 was filled was because the backlog at IRS and was working on their advice. I’m thinking of pushing through an extension for 2022- 1120s before I do anything. This may trigger a response from them requesting what happened to 2021… The last thing I want to do is send out an amended 2021-1040, late 2021- 1120s, and 2022 -1120s. This will be too confusing for them.
Thanks again for the input!
