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A new client comes to you in June 2021 and indicates that she instructed her...

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Accounting

A new client comes to you in June 2021 and indicates that she instructed her previous accountant in a letter dated January 2020 to file an S Election for 2020. It now appears that the prior accountant failed to follow through and make the election. What can you tell this new client about the availability of the S corporation status? Prepare a Memo to the client with what options are available and your suggestion.

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