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Anyone there? I want to rescind an 8832 that I filed a month…

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Anyone there? Accountant's Assistant:...

Anyone there?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I want to rescind an 8832 that I filed a month ago, is that possible?

Accountant's Assistant: Is there anything else the Accountant should be aware of?

The company has been in existence for years and taxed as a partnership. I was instructed to file and have it taxed as a corporation. There was a mistake along the line of command and this was never supposed to happen.

Submitted: 4 months ago.Category: Tax
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Answered in 2 hours by:
3/9/2018
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 4 months ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,085
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Hi from Just Answer. I'mCustomer and can assist.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 4 months ago

It is possible to have IRS rescind the 8832, especially if doing so returns the taxpayers to the positions they were all in before the filing.

There are a couple of ways to fix this. One is a letter cutting relevant Rev Proc and some PLR cites that apply based on your case pattern. I know there are some who will say PLR cites are not binding, but they will be precedent for IRS positions, and they will be consistent.

Another is to file as if the 8832 was never filled, and wait for the IRS inquiry to send a less formal letter to the author of their inquiry. Not my favorite, but a viable option.

The key for the letter (option #1 above) is the cites and the intent to return to the pre-election status.

Thanks for asking at just answer. Positive feedback is appreciated, five stars is best. I'mCustomer

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