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I BOUGHT A BUSINESS NOVEMBER 1 2009. IT WAS AN LLC. I FILED

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MY TAXES AS A LLC...
I BOUGHT A BUSINESS NOVEMBER 1 2009. IT WAS AN LLC. I FILED MY TAXES AS A LLC PARTNERSHIP. THE PAPERWORK FOR THE SALE WAS ALL MESSED UP AND THE SELLERS ACCOUNTANT HAD HIM CHANGE THE BUSINESS TO A S CORP AND IT WAS DATED BACK TO NOV 1 2009. SO DO I NEED TO SOMEHOW AMEND MY TAXES SINCE I FILED A LLC PARTNERSHIP INSTEAD OF A S CORP AND WILL I BE PENALIZED?
Submitted: 7 years ago.Category: Tax
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10/3/2010
Tax Professional: Richard, Tax Attorney replied 7 years ago
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,806
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Good morning. You do not need to amend your individual return because will be no tax differential as partnerships and S corps are both pass-through entities and so the items flowing through to your return will be the same.

 

 

I hope this has given you the guidance you were seeking. I wish you the best of luck!

 

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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Richard
Richard, Tax Attorney
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