asked

A taxpayer's entity, which has been filing as a C Corp since 2014, recently had their election to be an S Corp approved by the IRS with an effective date of February 5, 2022. The IRS is holding the sole partner responsible for the 2014 and 2015 tax liabilities. Can the IRS assess these amounts at this point, and if the entity has suffered losses since those initial profitable years, could those losses negate any tax liability?

February 7th, 2023

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