lkwhite52
Level 1

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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qbteachmt
Level 15

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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sjrcpa
Level 15

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.
lkwhite52
Level 1

no payroll

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lkwhite52
Level 1

One @ 1% and the other @ 99%

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qbteachmt
Level 15

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

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sjrcpa
Level 15

And the problem is?


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