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lol welcome to the club fam 𤔠ive been trying to sort out my taxes for months now. its like playing whack-a-mole with these people i swear
I just went through this exact same process a few months ago! The 4883C letter can be stressful, but it's actually pretty straightforward once you get through to someone. Here's what worked for me: - Call first thing in the morning (8am sharp) - way better chance of getting through - Have your Social Security card, driver's license, and last year's tax return ready - They'll ask you verification questions like previous addresses, employers, etc. - The whole call took about 20 minutes once I got connected For the refund status, definitely use the "Where's My Refund?" tool, but don't panic if it doesn't update right away after verification. Mine took about 2 weeks to show movement, then got my refund about 3 weeks after that. Good luck! You got this! šŖ
Has anyone successfully checked their S corp election status online? I know the IRS Business Account system shows a lot of other info, but does it show anything about Form 2553 status or effective date?
Unfortunately, the IRS Business Account online system doesn't currently show Form 2553 election status or effective dates. It's one of those frustrating gaps in their online capabilities. The only way to check is by calling the IRS directly or waiting for the CP261 Notice in the mail.
I'm going through this exact same situation right now! Filed my Form 2553 about 8 weeks ago and haven't heard anything back yet. My tax preparer keeps asking me about the status because we need to know how to handle my quarterly payments. Based on what everyone's saying here, it sounds like I'm still within the normal timeframe, but the uncertainty is really stressful when you're trying to make important financial decisions. I think I'm going to try calling the IRS using that Claimyr service that @Jamal Anderson and @QuantumQuest mentioned - sitting on hold for hours just isn't feasible with my work schedule. Has anyone else had experience with their accountant or tax preparer during this waiting period? I'm wondering if there's a standard way CPAs handle the interim period before the CP261 Notice arrives.
I'm in a similar boat with my small consulting business! Just hit the 7-week mark after filing Form 2553 and my CPA has been asking the same questions about quarterly payments. From what I've gathered here, it seems like most tax preparers will have you continue filing estimated taxes under your current status (sole proprietor, LLC, etc.) until you get the official CP261 Notice confirming your S corp election. My accountant suggested keeping detailed records of all payments and filings during this interim period so we can make any necessary adjustments once the effective date is confirmed. She also mentioned that if the election is approved with a retroactive effective date, we might need to amend some filings, but that's pretty standard. The waiting is definitely nerve-wracking when you're trying to plan your business finances! Let us know how the Claimyr service works out if you try it - I'm considering the same thing since my quarterly deadline is coming up fast.
Thanks for all the helpful advice everyone! @Royal_GM_Mark I think @Logan Greenburg hit the nail on the head - your timing issue is likely the main culprit here. Since you started your business in October but didn't file the 2553 until February, you definitely need to include that reasonable cause statement when you resubmit. I'd also recommend combining a few of the strategies mentioned here: 1) Include the detailed reasonable cause statement explaining the late filing, 2) Use the correct state-specific fax number from the current form instructions, and 3) Follow up with a call using one of those callback services to confirm receipt and get a timeline. The good news is that the IRS is generally pretty forgiving with late S-corp elections when you provide a reasonable explanation. Just be honest about not understanding the deadline requirements initially. Most small business owners don't realize how tight that 2 month 15 day window is!
This is really helpful advice! I'm new to all this business tax stuff and had no idea about the timing requirements for S-corp elections. @Royal_GM_Mark your situation sounds exactly like what happened to my brother last year - he also started his business in the fall but didn't file the 2553 until the following spring when his accountant mentioned it. The reasonable cause statement really does work though! My brother's was accepted after he explained he wasn't aware of the deadline. Just make sure to be specific about when you started the business versus when you filed - the IRS wants to see you understand what went wrong. Good luck with the resubmission!
I've been through this exact scenario with multiple clients as a tax preparer. The key thing to understand is that Form 2553 rejections are often administrative rather than substantive issues. Based on your timeline (business started October 2023, 2553 filed February 2024), you definitely need to include a reasonable cause statement for the late filing. The IRS is actually quite reasonable about accepting these when you provide a clear explanation. Here's what I recommend for your resubmission: 1) Attach a separate page titled "Reasonable Cause Statement" explaining you weren't aware of the 2 month 15 day deadline and filed immediately upon learning about it from your accountant, 2) Double-check you're using the correct fax number for your state from the current form instructions, 3) Keep detailed records of when you fax it (date, time, confirmation page). Most importantly, don't panic about your business return. The IRS rarely reverses an accepted business return in these situations. Your personal return will just need to be resubmitted once the 2553 is processed, which typically takes 4-6 weeks after they receive it.
I'd be very wary about giving any financial info, including transcript access, to any tax advice sites. Make sure they're secure and legit.
FACTS! So many scams during tax season.
Based on what I'm reading here, it sounds like your refund is probably coming as a paper check instead of direct deposit. The former IRS employee who commented seems to confirm this is standard practice for amended returns - their processing system doesn't interface well with direct deposit. Since your transcript shows the 846 code with 02-24-25, I'd expect the check to arrive sometime this week or next. The USPS can add several more days to delivery. If you don't see anything by March 15th, then definitely try calling or using one of those callback services people mentioned. The waiting is frustrating but it sounds like everything is processing normally on the IRS side.
Liam McGuire
My mailman been playing games wit my check I just know it š¤”
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Amara Eze
ā¢LMAOOO bet he already spent it š¤£
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Declan Ramirez
I'm in the same situation - 2/7 mail date and still nothing here in Texas. Called my state tax office yesterday and they confirmed it was mailed on schedule, so it should arrive within the next few days. The rep mentioned that mail delivery has been slower than usual this month due to weather delays in some regions. Hang in there!
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Grant Vikers
ā¢Thanks for calling and checking! That's reassuring to hear they confirmed it was mailed. Weather delays make total sense - we've had some crazy storms lately. Definitely helps ease my anxiety knowing others are in the same boat š
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