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Thank you very much. I meant that I wanted to Revoke the Sub-S status and have it revert to a C Corporation. Semantics really. Perhaps they are looking into things and deciding the same thing that you mentioned.
Gotcha. You will continue to have a corporation, so it's important to get the proper documentation filed, both the past returns, and future ones. Good luck with things and hopefully they work out an agreement with you.
Thanks all. As far as the DIY thing, I have been burnt numerous times on things that are even bigger by hiring a so called professional. Custody, home repairs etc.
It is hard to know exactly when to do things yourself and when not to. I'd have to say that most often, I have done better by not allowing a so called pro to intervene.
I know that I would have done better in this case by far, but I'd have other problems if I didn't DIY even when dealing with the system.
I also found out that there were other ways to have revoked the Sub-S election as stated.
Again, I wish that I had a pro in the first place, but I definitely wouldn't rule out DIY even for large things.
Thanks for the best wishes and your thoughts on the State as well!
You may be able to get a one time abatement of penalties if you or a tax professional contact the IRS and ask for it. You would need to give the tax professional power of attorney to act on your behalf. There is a fair chance that some of the penalties might be forgiven, but you have to ask for it. The IRS will want to know why you didn't file. I'd say honesty would be the best policy.
Is there a reason you opted for an S-Corp instead of keeping your business a single member LLC?
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