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L
lkwhite52
Level 2
March 19, 2021

Form 1065

  • March 19, 2021
  • 2 replies
  • 9 views

Took on a new client, Certificate of Formation and EIN letter clearly states single member. Previous tax preparer file the return as a partnership for 2018 & 2019. Can I amend the 1065's and K-1's and file an 1120S with the election Form 2553 for 2020 to make the election to be taxed as a SCorp?

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    2 replies

    qbteachmt
    qbteachmt
    Level 15
    March 19, 2021

    Has there been Payroll for that person all this time? A corporation election for the prior year(s) would include that they acted like a corporation = payroll.

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      L
      lkwhite52Author
      Level 2
      March 20, 2021

      no payroll

      sjrcpa
      sjrcpa
      Level 15
      March 19, 2021

      You can form as a SMLLC and add a new member anytime.

      I presume there were at least 2 members shown on the  2018 &2019 tax returns.

      The more I know the more I don’t know.
        L
        lkwhite52Author
        Level 2
        March 20, 2021

        One @ 1% and the other @ 99%

        qbteachmt
        qbteachmt
        Level 15
        March 20, 2021

        What seems to be the reason to consider late election for S Corp, then?

        Don't yell at us; we're volunteers
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