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jjchavez123
Level 3
February 28, 2024
Question

LLC being treated as an Scorp

  • February 28, 2024
  • 2 replies
  • 9 views

I have a client that has an LLC in 2022 they reported on a 1065.  In 2023 they requested to be taxed as an Scorp.  When you do the 1120s on the balance sheet do you use the previous years balance sheet information from the 1065 or do you start fresh as if it is a totally new business?  

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2 replies

dkh
dkh
Level 15
February 28, 2024

I leave the Balance Sheet Beginning of the tax year side (columns a and b) blank. 

    J
    jjchavez123Author
    Level 3
    February 28, 2024

    Thanks

      sjrcpa
      sjrcpa
      Level 15
      February 28, 2024

      I use the ending 1065 balance sheet as the beginning 1120S balance sheet.

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