Tax Transcripts-Loan Denied-Help, Please

[workingmyway]

Hi All, I was approved thru underwriting for the loan. All was well. My tax transcripts were pulled for 2007, and 2008. Everything came out good except my 2007 corporate returns. My old accountant had filed me as an s corp, when I was still a c corp. We filed the form 2553, but in the meantime, my transcript shows all 0's for income on the corporate side. My loan was understandably denied. I am so heartbroken. This has been a long haul, and I thought there was light at the end of the tunnel. I spent hours at my local I.R.S. office, to no avail. I know this is a done deal, but I need to know that I tried everything possible. I am an honest person, so there is no intent to defraud. I owe no back taxe's, and am trying to resolve this issue. Any info would be appreciated. Thanks

[DallasLoanGuy]

the loan officer needs to get with the underwriter and see if they will accept an ammended return.

 if your loan officer cant ask..... talk to the loan officer mgr.

the answer to this is with your lender.

[workingmyway]

Hi Dallas, Thanks for responding. I have spoken to my loan officer who pretty much said it was a done deal until the taxes are straightened out, being the corporate side is showing all zero's. Even if I had my accountant do an amended return, wouldn't it take months for I.R.S. to get it into the system? Thanks for your help

[DallasLoanGuy]

well... if the corporate side showed zeros, what did your personal returns show?

did you make zero?

[workingmyway]

The personal side showed what I made after deductions, and what I owed, and paid. Everything on that was correct. I guess, on the corporate side, it should be showing the income that the business made. Since my old accountant filed me as an s corp, when at the time I wasn't is what the problem is. I will either have to be approved as an s corp, or refile as a c corp. She explained that unless the tax transcript matched, they couldn't do it. Everything else went through underwriting. I was so excited, only to be so heartbroken. I am calling the irs daily, but nothing happens quickly through them.

[DallasLoanGuy]

working with the underwriter thru the loan officer is all that you can do.

make sure you get specific instructions as to what they would need to approve.... and then see if you can ammend.

[workingmyway]

Will do. Thank you very much for taking the time in reading and answering these.