JJKIMCPA925
Level 2
08-15-2024
06:00 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Hello,
I have a client who is registered as a C corp but elected to file as an S Corp. In this situation do we need to file an 1120 or an 1120s? If we need to file an 1120s, are there any nuances or differences that I should look out for?
Thank you!
abctax55
Level 15
08-15-2024
06:48 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
C Corp pays taxes if profit.
S Corp passes thru net income/loss and some other things to the shareholder(s).
Unless the election was a/o 1/1/xx - both 1120 & 1120-S will be needed in the year of the election.
(Cliff notes version of C v S - I suggest a few CPE classses....)
HumanKind... Be Both
