Blame the Lawyer: Accountants Always Do

Posted on October 16, 2007 by Matt Gardner

Joe Kristan writes about Relief for Late S Corporation Elections over on the Roth & Company Tax Update blog.  The deadline for making an S corporation is 2 1/2 months after the start of the year the election is to take effect.  The IRS will allow corporations to make their election when they file their first S corporation tax return, if they have "reasonable cause" for the late election. The IRS will modify the S election form, Form 2553, to accomodate relief requests under Rev. Proc. 2007-62.

What is "reasonable cause"?  Kristan says the time-honored justification is to blame the accountant but as an accountant he prefers the "blame the lawyer" approach.

Don't worry, Joe.  A business lawyer has broad shoulders.  And you are not the first accountant to blame the lawyer.  I can assure you of that.:) 

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