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I have a S Corporation (ALTIC CORP). I used to have only one…

Customer Question
Hi, I have a S...

Hi,
I have a S Corporation (ALTIC CORP). I used to have only one business with the trade name ALTIC HEALTH PREVENTION. Since last July I started a new business with the trade name ALTIC REAL ESTATE. I used to file the company tax return using the form 1120S in TaxAct system.
I have tried to file the 2017-Tax on one 1120S form for both Assumed Names, but I didn’t see where to add my second business in the form.
So, I have filed separately for Altic Health Prevention. Now when I try to file for Altic Real Estate, TaxAct system is displaying an error saying that “The Taxpayer Identification Number for this return has already been used this year”.
Can you help solve this problem?
Thank you.

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

The real estate business has just started last year with zero expense and zero income

Submitted: 1 month ago.Category: Tax
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Answered in 6 days by:
3/20/2018
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,995
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hello, and welcome to JustAnswer. My name is ***** ***** I will be the one to assist you. Sorry to hear that you are having this trouble. I apologize for the extended wait time you experienced, I've only just come online now and would like to assist you with your question if you are still needing help that is?

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Customer reply replied 1 month ago
I am still waiting for your answer to my question. Thanks.
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago

OK, first it's important to note that trade names are ***** ***** businesses, they are a fictitious brand, trade name, or as called in some state's DBA's (Doing Business As ...)

...

The tax return is done for the business. The underlying entity (which is where the EIN is assigned) is the business level. The actual organization.

...

Many companies will have more than one product line, or service, or both - and many times use different trade names for marketing purposes, but if there's only one EIN, then there is only one business.

..

So unless you have two EIN, then that what you have here, onc business, using two different trae names. But there would only be one return.

...

Now, if you want to set the second company up (and for variety of reasons, you probably should - keeping yourself and the operating company insulated from any liability coming from the other business, for example) AS a separate company, get the second EIN and then do that return based on whatever the entity is (schedule C for a single member LLC, 1120-S if an S-Corp, 1120 if a C-Corp).

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Lane
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Lane, JD, CFP, MBA, CRPS
Category: Tax
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