LLC being treated as an Scorp

jjchavez123 · ‎02-27-2024

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?

dkh · ‎02-27-2024

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

jjchavez123 · ‎02-28-2024

Thanks

sjrcpa · ‎02-28-2024

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

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