qbteachmt
Level 15
02-29-2024
12:19 PM
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"With an S Crop election can a Schedule C be completed or is 1120S the only option?"
Corporations are their own entity. There is no Owner; your taxpayer is a shareholder-employee. We form corporations to gain the benefit of this separation from self, which is different than a Sole Proprietorship or Single-member LLC (both of which file Sched C). That separation needs to be respected. There's still time to make sure your taxpayer knows about their payroll requirements; we see a lot of errors regarding that part of corporation operation.
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Don't yell at us; we're volunteers