Have a Tax Question? Ask a Tax Expert
Welcome to the site. I'm PDtax, and saw the question and response you asked about this subject.
to Q & A; I have some thoughts not previously addressed...
I just got online to you still want to chat?
Thank you for your lengthy and astute answer. I had a gut feeling that switching accounting methods might cause more problems than it would solve - the idea being that there may be some extra losses I could write off in future years.
A good share of the S corp debt has a personal guarantee. I have retained an attorney for Chap 7 bankruptcy so my personal liability will inevitably be removed. (The S corp has no assets and has not been operating for 6 months).
I would say based on your answer it would be foolhardy to pursue the accounting change plus it will make things simpler for me as far as filing my tax returns.
Unless you have any further input, I thank you for your reply and saving me from a possible huge mess.
If I don't hear back from you soon I will go ahead and close the question with an excellent rating.