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I have a single member LLC that had elected to be taxed as…

Second opinion] I have a...
Second opinion] I have a single member LLC that had elected to be taxed as an S Corp originally. I have sent a letter to the IRS and asked that the S Corp election be revoked (12/31/17) and completed form 8832 so that the LLC be now be disregarded as a separate entity effective 1/1/18. I am completing my 2017 1120S Tax Returns.Should I mark the 1120S as a final return? The business did not cease to exist, but I will not be filing an 1120S after this one. I have heard two different things.If that's the case, does the balance sheet need to be zero'd out on Schedule L? (I am not required to fill out balance sheets for federal because the business has less than 250K assets, but my state still requires it). I had approximately $2100 in inventory on the books and I had loaned the business approx. $3000. How would I treat this to zero out the Balance sheet for the S corp if that is necessary?
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3/14/2018
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
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Experience: 35 years tax experience, including four years at a Big 4 firm.
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This is not a final return. Do not mark it as such.

Leave the ending debt and assets as end of year balance sheet items if you complete the balance sheet. You may be eligible not to report your balance sheet of the business is small enough.

I hope this helps. Ask any follow-up questions you have. Positive feedback is appreciated, five stars is best, ***** ***** covers everything. I'm PDtax.

PDtax
PDtax, Certified Public Accountant (CPA)
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