Answered: 1120S reporting multiple activities with new wholly owned LLC

trish-33540 · ‎03-04-2020

Client advises they have formed a new LLC with existing Subchapter S Corp as sole member. New activity is not related to old business. Each should report profit or loss separately, correct? How do I make ProSeries do that? I'm just happy they told me about this now and not NEXT tax season.

Terry53029 · ‎03-04-2020

I believe the LLC would be a division of the S Corp with all income and expense reported on the 1120S

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Terry53029 · ‎03-04-2020

I believe the LLC would be a division of the S Corp with all income and expense reported on the 1120S

trish-33540 · ‎03-05-2020

No cost/income segregation and no elections necessary on 1120S?

Terry53029 · ‎03-06-2020

Don't know for sure if you are required to separate out income/expenses, but I would. no election necessary

1120S reporting multiple activities with new wholly owned LLC

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