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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16576
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Does Rev Proc. 84-35 apply to S-Corps?

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Does Rev Proc. 84-35 apply to S-Corps?

MyVirtualCPA : Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.
MyVirtualCPA : How are you today?
MyVirtualCPA : There is no similar revenue procedure for S-corporations.Also while technically we may not extend the Rev. Proc. 84-35 to S-corporations - you may try to use same reasonings for S-corporation with fewer that 10 shareholders on the ground that S-corporations may be viewed as an extension of the partnership and S-corporation did not exist at the time Rev. Proc. 84-35 was issued.I suggest to review discussion this matter here - http://www.taxalmanac.org/index.php/Discussion:Rev_Proc_84-35_Partnership_late_filing
MyVirtualCPA : Is there anything else I can assist you with today?
MyVirtualCPA : If not, please rate my response "excellent" so that I may receive credit for assisting you today
Customer: Can Notice 2013-34 - Penalty Relief for Delayed 2012 Forms be used as a "reasonable
MyVirtualCPA : This deals with CO2 sequestration?
MyVirtualCPA : That's what comes up when I pull it up
MyVirtualCPA : http://www.irs.gov/pub/irs-drop/n-13-34.pdf
MyVirtualCPA : I found it. Notice 2013-24
MyVirtualCPA : Notice 2013-34 deals with CO2 sequestration, which is not related to this topic
MyVirtualCPA : To obtain the penalty relief under 2013-24, the taxpayer must: File a timely extension and pay the estimated amount by the original due date of the return. Make a good faith effort to estimate the proper tax liability on the extension. Pay any additional amounts owed on the filed return before the extended due date. Request the relief in writing after the penalty has been assessed.
MyVirtualCPA : so if no extension was filed, then this would not be able to be used to get penalty relief
Customer: If the S-Corp has no tax liability, all shareholders filed timely tax returns and reported all income and deductions including K-1 income and deductions, can that be used a "reasonable cause" for late filing a S-Corp tax return?
MyVirtualCPA : You can certainly argue that, but it's up to the IRS's mercy as to whether or not relief is granted.
MyVirtualCPA : There is nothing similar to Rev Proc 84-35 dealing with S Corps
MyVirtualCPA : so there is no automatic relief for S corps
MyVirtualCPA : If you filed an extension, then the return is not late
MyVirtualCPA : Is there anything else I can assist you with today? If not, please rate my response as "excellent" so that I may receive credit for assisting you today
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