Hello,

I apologize for at inconvenience regarding this thread but I'm at a loss and don't know what to do. I have been in business for 4 years now and as I'm closing out my 1120 with my CPA he informs me that we have a problem, that the 2553 s-corp classification was never filed so now I'm showing personal incomes of 28k each for my father and myself with a total of 78k distributions.

He told me to call him Monday. Can I still file for the S Corp? Does anybody know or have any idea how much this is going to cost me?? I'm freakin out. According to my calculations I'll have to pay like $25,000 in taxes all because of my own negligence 😞