Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I have an existing LLC which filed as a partnership and then…

I have an existing...

I have an existing LLC which filed as a partnership and then as a schedule when it became a one member LLC. I now want to be treated as an s-corp in 2018. Do I need to file both 8832 and 2553 or just the 2553?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Not that I know of

Show More
Show Less
Ask Your Own Tax Question
Answered in 1 minute by:
3/9/2018
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 56,594
Experience: 29 years of experience as a tax, real estate, and business attorney.
Verified

Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

Ask Your Own Tax Question

You'll need to file both. You need to file the 8832 to elect for your LLC to be treated as a corporation rather than a partnership. Then, the Form 2553 must be filed to elect for your corporation to be taxed as an S Corp rather than a C corp.

Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars!). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

Ask Your Own Tax Question
Customer reply replied 1 month ago
I only filed as a partnership a couple of years ago when I had another member. Have been a single member for several years and have been filing a schedule C for the past few years as a single member. Do I still have to file the 8832?

Yes, because according to the IRS, you originally elected for the LLC to be treated as a partnership. You can't file the Form 2553 election until you file the Form 8832 notifying the IRS you are changing from the partnership designation to the corporation designation.

Ask Your Own Tax Question
Customer reply replied 1 month ago
Got it. Thank you.

You're very welcome! It's been my honor and privilege to help you with this. If I can help you in any way in the future, I'll be happy to help. For easy access, my bookmark is: www.justanswer.com/law/expert-legalbeacon/ . Or, simply request “Richard only” in the first line of your question.

Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 56,594
Experience: 29 years of experience as a tax, real estate, and business attorney.
Verified
Richard and 87 other Tax Specialists are ready to help you
Ask your own question now

Thank you so much for the 5-star rating! I know rating takes an additional step and I truly appreciate you taking the extra time!

Ask Your Own Tax Question
Was this answer helpful?
Ask Richard Your Own Question
Richard
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 56,594
56,594 Satisfied Customers
Experience: 29 years of experience as a tax, real estate, and business attorney.

Richard is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

56,594 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Someone has a small thrift store and files a schedule C for
Someone has a small thrift store and files a schedule C for it. They have $75 in merchandise that was stolen during the year from the store by customers. Where does that expense get entered on the sch… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I need to file a tax form. Its a new LLC with no income, no
I need to file a tax form. Its a new LLC with no income, no business was generated. Is someone avaiable to help me with this now?… read more
Shan-Nel Simmons
Shan-Nel Simmons
Tax Professional/Owner
Master\u0027s Degree
43 satisfied customers
Should i use Schedule C, or Form 2106 for my home office
Should i use Schedule C, or Form 2106 for my home office expenses? i work as a salaried employee 5 days a week out of a dedicated home office, which is for the convenience of my employer. I wish to cl… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,080 satisfied customers
If I am converting an LLC taxed as a partnership to be taxed
Quick question. If I am converting an LLC taxed as a partnership to be taxed as an s corp, would the 1065 for the year prior to the switch be considered a final even though I will be using same ein fo… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am the manager for a band and I am filing a schedule c to
I am the manager for a band and I am filing a schedule c to show business exspenses. Is this sent along with a 1040 and a 1099 misc for federal? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
What I need to file is the 1040NR and the Schedule C. Is
What I need to file is the 1040NR and the Schedule C. Is there anything else I need to file as a visitor with a J-1 visa?If I have been on the J-1 visa internship program since September 2017, am i Re… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,954 satisfied customers
Can an LLC taxed as a partnership with only husband and wife
can an LLC taxed as a partnership with only husband and wife owners elect to be a joint venture and put everything on schedule C's? If so, do they need to do an 8832?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
For the form schedule C; line 27b. is that the amount i put
hello, for the form schedule C; line 27b. is that the amount i put for the excess of start up costs that im not allowed to claim in the first year? Therefore, the remaining amount i have to amortize/d… read more
Carter McBride
Carter McBride
LLM
973 satisfied customers
Form 886-A Schedule C-5 is asking for a log of business
Form 886-A Schedule C-5 is asking for a log of business mileage which i can provide, but it also asks for two receipts/documents showing mileage at the beginning and at the end of the year for each ve… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Where do report for Partnership (LLC) returns using Form
Where do report for Partnership (LLC) returns using Form 1065 income recipient from taxable federal grant? Specifically, 1099-G, Box 6.… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
938 satisfied customers
Can a married LLC Partnership file schedule C on their 1040
Can a married LLC Partnership file schedule C on their 1040 with their W2 income? And if so if they fie separate sch C how do they go about it? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,954 satisfied customers
Single member LLC filed schedule C for the last two years
Single member LLC filed schedule C for the last two years and now wants to be an S Corporation for tax year 2017.Is 1120S simply filed with form 2553 with "INCLUDES LATE ELECTION(S) FILED PURSUANT TO … read more
Carter McBride
Carter McBride
LLM
973 satisfied customers
I am been audited by the irs on my schedule C. For vehicle
hello, I am been audited by the irs on my schedule C … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Single member LLC has filed Schedule C for prior years. As
Single member LLC has filed Schedule C for prior years. As of 01/01/2017 single member LLC is an S Corporation. My question is: a client list purchased in 2008 has been amortized on the schedule C - s… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
As ...instead of filing partnership forms, can I make it as
As a follow up...instead of filing partnership forms, can I make it as a business loan from her to the business my sole proprietorship. At that point she's in the business of loaning money so that she… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I have an LLC last year file taxes under schedule C. My
I have an LLC last year file taxes under schedule C. My question is this year 2018 I want to file taxes for the year of 2017 as an S-corp. Can I do that? I didn't pay myself a salary last year at all,… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I will be filing using a 1040 and schedule c. Can I pay
I will be filing using a 1040 and schedule c. Can I pay myself W-2 wages, pay the taxes? Or do I have to create an entity to employ me? Corp or LLC … read more
abci168
abci168
Principal
27 satisfied customers
I have an LLC in CA. Originally it was a partnership, filing
I have an LLC in CA. Originally it was a partnership, filing a 1065 to the IRS. Now, the other partners have left and I want to file as a single member LLC, flowing back into my schedule c. The change… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,954 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x