Trust owns S Corp Shares

[Ephesians3-14]

I have a client whose revocable trust owns the interest in his S Corp. Can I just use my client's SSN and name on the K-1 to keep things simple...or do I need to use the S Corp name and FEIN?

[Terry53029 · Accepted solution]

If it is a simple living revocable trust, meaning all income is reported by the grantor, then yes the K1 should use his/her info

[dascpa]

Agreed with prior reply however be aware of the extremely serious pitfalls should (a) the trust turn into a post-death irrevocable trust or (b) the grantor becomes incapacitated and no longer has the "powers".  

[Ephesians3-14]

Right - understood re after the grantor dies that things change from a tax standpoint.

Thanks for your help!