Guidance for learning the S Corp converstion in ITA

[Strongsilence-CPA]

Can someone point me to guidance for learning about the S corporation conversion feature in ITA?  Thank you.

[IntuitGabi]

Hi @Strongsilence-CPA, View the article How do I convert a return from 1120 to 1120S or 1120S to 1120? Let me know if you're looking for something else or have follow up questions. 

[Strongsilence-CPA]

@IntuitGabi 

Thank you.

That wasn't it. I was unclear. I was looking for the Tax Advisor feature that analyzes a possible conversion of a sole proprietor / Sch. C to an 1120S.  I found the material in the handout from yesterday's presentation.

Regards and thanks again.

[TaxGuyBill]

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@Strongsilence-CPA wrote:

I was looking for the Tax Advisor feature that analyzes a possible conversion of a sole proprietor / Sch. C to an 1120S. 

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Personally, I've never seen one of those analyzers that are particularly useful.  They generally only show the potential tax savings, but ignore the financial negatives, such as increased preparation fees and reduced potential Social Security benefits.

[Strongsilence-CPA]

thank you Bill.  Here in California, the PTE tax credit is a significant benefit of a passthrough, and the savings likely exceed the costs you mentioned.  I appreciate your comment.

[TaxGuyBill · Accepted solution]

PTE may be a significant benefit, but many analyzers that I've seen don't do a good job at reflecting that.

Even more so, so far I haven't seen a program give a good picture of Social Security potential benefits.  In my opinion, if a tax professional is not discussing the effect on potential Social Security benefits, that tax professional should NOT be advising to be taxed as an S-corporation.