ection for 2020. It now appears that the prior accountant failed to follow through and make the election. Is there any provision within the Revenue Procedures to have the election apply to the 2020 tax year like the client initially intended? Prepare a memo to the partner of your tax firm explaining the qualifications of an S-election and the procedure
ection for 2020. It now appears that the prior accountant failed to follow through and make the election. Is there any provision within the Revenue Procedures to have the election apply to the 2020 tax year like the client initially intended? Prepare a memo to the partner of your tax firm explaining the qualifications of an S-election and the procedure
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A new client comes to you in June 2021 and indicates that she instructed her previous accountant in a letter dated January 2020 to file and S election for 2020. It now appears that the prior accountant failed to follow through and make the election. Is there any provision within the Revenue Procedures to have the election apply to the 2020 tax year like the client initially intended? Prepare a memo to the partner of your tax firm explaining the qualifications of an S-election and the procedure for making a late election. [Hint – Rev. Proc. 2013-30]
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