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ramona1
Level 1
June 10, 2020
Question

How do i file a s-corp return with ownership transfer in the middle of the year?

  • June 10, 2020
  • 2 replies
  • 48 views
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2 replies

sjrcpa
sjrcpa
Level 15
June 10, 2020

Each shareholder is allocated all K-1 items on a per share per day basis unless they made an election to cut off the books. When you enter dates and ownership amounts the software will do the allocations. If there is a cutoff you have to override everything for the K-1s.

The more I know the more I don’t know.
    Accountant-Man
    Accountant-Man
    Level 13
    June 10, 2020

    Enter dates and changes on the worksheet called "weighted average ownership percentage w/s."

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