I have a client (partnership/LLC) that filed a 1065 last year and I forgot that they went down to one member last year so I extended the 1065 before they got me their stuff. Can I file an 1120S this year for them - as they'd rather be treated this way than report on Schedule C? Will they get a late penalty? If I explain on the 2553 that the extension was filed for the 1065 properly, will I have to protest a fine?
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Did they act like an 1120S - like pay wages to themselves?
No not yet, but they only made $9k, too. I expect it to be a lot more this year.
You have a number of issues here that need to be addressed:
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