How can I convert a C Corporation proforma to an S Corporation proforma?

Forum|Forum|5 years ago
January 25, 2021
1 reply
16 views

A client elected S corporation status for 2020 after being a C corporation for many years. They have a lot of depreciation assets. I would like to convert from C to S with a minimum of data entry.

ProConnect Tax

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itonewbie

Level 15

You can with Lacerte but not PTO.

I would have asked you to use the import function to get around that but the PDF for depreciation schedule in PTO is, unfortunately, not formatted in a way that can be pasted over to a spreadsheet.

---------------------------------------------------------------------------------Still an AllStar

Z

Zvi-GoldAuthor

Level 2

So, if I convert in Lacerte from C corp to S corp, then I can convert from Lacerte to ProConnect. Is this correct? I have been using Lacerte to file the consolidated tax return for the client through 2019, so I can just download the 2020 Lacerte program and to conversion.

itonewbie

Level 15

Yes and no. Since you can't do data conversion of 2020 returns, you'd do the conversion with a 2019 return. This means you'd convert the 1120 to 1120S with 2019 (instead of 2020) Lacerte, then export the data files of that 1120S return for data conversion in PTO. This should get the assets and depreciation details into PTO but you'll probably need to make adjustments for everything else since it was not really a 1120S that your client filed for 2019.

---------------------------------------------------------------------------------Still an AllStar

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