RE: [taxchat] Corporate Question Revoked Corporation

I just inherited a bit of a mess, client walked in with a letter stating that he was outside of the window for making an S election, and that his 1120S would have to be filed as an 1120.

 

I asked the client if he was setup as an S-Corp, or an LLC, or a C Corp.  He didn't have any idea.

I checked with his Secretary of State and learned that his franchise Tax return was late, wayyyy late, like by 10 years, and his Corporate status was revoked in 1998 and is outside of the window for appeals.  I think this means he is simply a schedule C. Am I correct on this matter?

 

Thanks,

Marc

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