Business Tax

[NodeCfo]

I had two clients go from S-Corps to C-Corps and one go from a Partnership to a C-Corp for the 2023 tax year. 

Do I have to recreate everything from the beginning or is there a way to change the tax form associated with the client? 

[George4Tacks · Accepted solution]

Bad news.

You have to redo everything again.

Good news.

You get to charge for all this extra work. 

[NodeCfo]

That's what I figured. No, can't charge extra because of a software issue to a big client with a bundled annual fee package. The last software I worked with, we could easily transfer all pertinent general data in these situations which was a huge timesaver. Pros & Cons to changing this year - I'm starting to think I should have waited a year to change. 

[qbteachmt]

"to a big client with a bundled annual fee package"

I don't know your contract terms or price modeling, but what your client has is new entities. If they bought a bunch of new businesses and entities, would that be covered under the existing arrangement or would this be additional scope or even a new contract?

Because this is your opportunity to renegotiate.

It's like an individual just adopted a bunch of new people.