208Accountant
Level 3
04-11-2021
11:53 AM
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A client received IRS approval to file as an S-Corp starting 1/1/2020. The 1120-S and 1040 are complete, however, I am getting a critical diagnostic that says the Schedule C is not necessary with no activity. The thought of deleting it altogether makes me nervous, but it seems logical. All assets have been moved to the S-Corp. Looking for a second opinion...
dkh
Level 15
04-12-2021
11:05 PM
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Delete the Sched C. If there is no income or expenses to report what could be the purpose for keeping it?
208Accountant
Level 3
04-13-2021
04:48 PM
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Thank you for your response. I was more concerned with properly recording the transfer of assets from the individual to the corporate return and wanted some reassurance that deleting the schedule C and all related assets was okay.
