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IRS Transcripts for S Corp Question

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Established Member

IRS Transcripts for S Corp Question

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?

Message 1 of 6
5 REPLIES 5
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Valued Contributor

Re: IRS Transcripts for S Corp Question

That's odd. We have an S Corp as well and didn't run into this problem. I would contact an IRS Tax Advocate, they seem to be able to help in these type of situations by really expediting things.

Message 2 of 6
Established Member

Re: IRS Transcripts for S Corp Question

Thanks, I will look into that. Hopefully I can get an appointment so I don't have to stand in line for 6hrs! 

 

Yes, it is very odd. It's clearly a mistake on their end, which makes it all the more frustrating. Our house is on the line here. 

Message 3 of 6
New Visitor

Re: IRS Transcripts for S Corp Question

Hey I know this is old. But what ever happened with your tax problem? I am currently faced with the same problem and the IRS is no help.

Thanks!

Message 4 of 6
Established Member

Re: IRS Transcripts for S Corp Question

I ended up having to refile in order to make my mortgage loan deadline. it was utterly absurd, but the only solution in order to be able to close the loan. 

Message 5 of 6
New Visitor

Re: IRS Transcripts for S Corp Question

Hi, Its over 2 years after this post and I have the same issue. 1120S Transcript showing all zeroes. The Personal came ok.  

 

You mentioned you had to refile to close the loan. How did that work back then? It takes months before taxes show up on a trtanscript so even if I refile, is a solution that wlll not be solved in a matter of days.

Message 6 of 6
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