Can a partnership file be converted to and S Corp file?

Forum|Forum|5 years ago
March 10, 2021
7 replies
81 views

Have a partnership that is electing S-Corp status. The company is currently in Lacerte as a partnership. Can the file be converted to an S-Corp?

Lacerte Tax

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Best answer by sjrcpa

No

sjrcpaAnswer

Level 15

No

The more I know the more I don’t know.

George4Tacks

Level 15

I just found some old notes and I tested this process.

Note the Partnership client number – let’s say P005 FOR TAX YEAR 2021 where last digit of file is a 1.

Go to the S Corp module and create a new client S005 and enter Screen 1 info.

Close Lacerte and open File Explorer and go to your data drive shown by X. X:>Lacerte>21tax>PDATA>DETAIL and locate P005.PD1

Copy that file

go to X:>Lacere>21tax>SDATA>DETAIL and paste that file P005.SD1

Rename S005.SD1 to S005.old

Rename P005.PD1 to S005.SD1

Now return to Lacerte and MOST OF YOUR DATA will now be in Partnership module. Review carefully. Not a perfect solution, but I think quicker than total re-entering of all data.

This same concept will work to go S Corp to Partnership

Answers are easy. Questions are hard!

R

Randy76

Level 3

I have a similar situation - client who previously elected to be taxed as an S-Corp, now going back to LLC Partnership. Can you please explain how to do this in ProSeries? I appreciate your time.

Randy Schutlz

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