lkwhite52
Level 1
03-19-2021
04:02 PM
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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?
qbteachmt
Level 15
03-19-2021
04:26 PM
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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
03-19-2021
04:48 PM
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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
03-19-2021
07:01 PM
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no payroll
lkwhite52
Level 1
03-19-2021
07:02 PM
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One @ 1% and the other @ 99%
qbteachmt
Level 15
03-19-2021
07:06 PM
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What seems to be the reason to consider late election for S Corp, then?
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sjrcpa
Level 15
03-19-2021
07:07 PM
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And the problem is?
The more I know the more I don’t know.