Transfer S Corp to C Corp in Proseries.

Forum|Forum|6 years ago
March 16, 2020
3 replies
27 views

I have a client that switched to C Corp mid-year 2019. So I have to file two short year returns for 2019. How do I go about it? Especially the C Corp short year return? Can I import last year's S Corp into a 2019 C Corp return? I have already imported the last year's return into 2019 S Corp, and I haven't filed the short year 2019 S Corp just yet. I have assets that i will need to import and other general information. So how can I import, if I can, import 2018 S Corp to prepare 2019 C Corp short year return.

Thanks

ProSeries Professional

This topic has been closed for replies.

Best answer by IRonMaN

You would be ok if you used FAM, but not if the assets are in ProSeries.

IRonMaN

Level 15

No can do. You can transfer a C corp to an S but you can’t go the other direction with the software.

Slava Ukraini!

A

Akinofe67Author

Level 3

Thank you IronMan for the answer, I appreciate it. But can I, after I create the C Corp in Proseries, import my fixed assets that was in the S Corp 2018 into the C Corp? I have a lot of fixed assets, not too much, but I'd prefer to net enter them one by one again. Do you have any thoughts on that?

IRonMaNAnswer

Level 15

You would be ok if you used FAM, but not if the assets are in ProSeries.

Slava Ukraini!

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