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J
JJKIMCPA925
Level 2
August 15, 2024
Question

C corp filing as an S corp

  • August 15, 2024
  • 1 reply
  • 5 views

Hello,

I have a client who is registered as a C corp but elected to file as an S Corp. In this situation do we need to file an 1120 or an 1120s? If we need to file an 1120s, are there any nuances or differences that I should look out for?

Thank you!

    This topic has been closed for replies.

    1 reply

    abctax55
    abctax55
    Level 15
    August 15, 2024

    C Corp pays taxes if profit.

    S Corp passes thru net income/loss and some other things to the shareholder(s).

    Unless the election was a/o 1/1/xx   - both 1120 & 1120-S will be needed in the year of the election.

    (Cliff notes version of C v S - I suggest a few CPE classses....)

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