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How do we file for co who was llc and inc to file as S corp.

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How do we file...

How do we file for co who was llc and inc to file as S corp

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Whole year as corp ?

Submitted: 4 months ago.Category: Tax
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11/30/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,583
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Happy Holidays!! Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. So if my understanding is correct, the business was once an LLC, then you elected to be taxed as corporation, or did you convert to a C Corporation altogether? Now you want to convert to an S corporation from your current structure. Is my understanding correct?

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Customer reply replied 4 months ago
incorporated in July and filed for S status. had done business as Sch C since Jan and earlier.
would like to file whole year as S corp
cannot get definitive answer anywhere
Can we file whole year as corp ?
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

As the business was not an S-Corp the entire year, you cannot file as an S-Corp for the entire year. SEE BELOW:

---------------------------------------------

Short Tax Year

A short tax year is a tax year of less than 12 months. A short period tax return may be required when you (as a taxable entity):

  • Are not in existence for an entire tax year, or

  • Change your accounting period.

Tax on a short period tax return is figured differently for each situation.

Not in Existence Entire Year

Even if you (a taxable entity) were not in existence for the entire year, a tax return is required for the time you were in existence. Requirements for filing the return and figuring the tax are generally the same as the requirements for a return for a full tax year (12 months) ending on the last day of the short tax year.

REFERENCE SOURCE:

https://www.irs.gov/businesses/small-businesses-self-employed/tax-years

--------------------------------------------

You will need to file a return as the LLC for the period of time that the business was an LLC and then a return has to be filed for the S-Corp, for the period of time that the business was an S-Corp.

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