A current client came to us 4 years ago. They have an S CORP. They provided their previously-created 1120. We have now filed 3 years of 1120s returns and all were accepted. (Remember, this is NOT an entity that we created.)

However, recently this client received an IRS notice that they didn’t complete the 2553… 5 years ago! We recommend amending to fit what the IRS wants. The client called the IRS and were told to file the 2553 now. The client followed the IRS instructions. 6 months passed and they received a new copy of the same notice. The client called use wondering “what should we do?” Needless to say, we will help them fix the mistake.

Unfortunately, the IRS doesn’t provide a guide to fix mistakes. AI struggles with solutions for specific situations. This is where human experience comes in. Schedule a free consultation today with us to review your situation.

It is always cheaper and faster to do things right the first time.

 

September 10, 2026Day Trader Business and Tax Tips

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