Hello All,
Wondering if anyone has run in to a similar issue that I am bumping up against as we try and close on our loan.
My wife and I have our own S Corp (started in 2011), so of course, our loan provider has requested copies of our IRS transcripts for personal returns as well as the business.
Our buiness transcripts came back showing all 0's. This makes no sense to me, as the form we sent in, 1120S, clearly shows our gross receipts and expenses. I understand that the S Corp itself pays no tax, but the transcript should have all our numbers. I called the IRS on Friday and spoke with 2 different people to try and sort it out. They told me they have 3 ways of looking at transcripts on their computers and all three ways shows ZEROES. So...someone over there has clearly messed up. The only thing the IRS said they could do is get me a full transcript, which takes 30 days. I am supposed to close on July 3rd, so I do not have 30 days.
The loan people are obviously not accepting this and need a document that matches what we have given them.
Any ideas/advice?
