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If client wants to revoke S-Corp election, reverting to a
If client wants to revoke S-Corp election, reverting to a disregarded entity (single-member LLC) does anything need to happen to the remaining stock basis that would affect his personal return? Also, … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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I need tax expert advice for following situation. *NOL Mr. A
Second opinion] Hi, My name is ***** ***** I need tax expert advice for following situation.*NOL Mr. A opened a restaurant as a single member manager of LLC in 2009. At that time LLC filed Form 8832 t… read more
PDtax
PDtax
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I have an LLC with S corp election but I revoked my S corp
I have an LLC with S corp election but I revoked my S corp election year end 2017. I am completing my 2017 1120S now. Do I mark it as a "final return" as well as "s election termination or revocation"… read more
Barbara
Barbara
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For form 1120 c corp.. my sales are over 250,000 but my
for form 1120 c corp.. my sales are over 250,000 but my assets are not.. am i required to submit a balance sheet?… read more
Brian Michels
Brian Michels
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On 3/31/16 An S corp had shares purchased by another Sub S,
On 3/31/16 An S corp had shares purchased by another Sub S, thus terminating the Sub S status. As of 3/31/16 we should file a form 1120S and check the terminated box? Then file a 1065 for 4/1/16-12/31… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
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I have a client that has owns a building, it is an LLC with
I have a client that has owns a building, it is an LLC with 2 members. When the LLC was forms it was elected to be filed as an Scorp. We want to terminate the S election and revert back to a partnersh… read more
Jonathan Tierney
Jonathan Tierney
MBA
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I converted my business from a sole proprietorship to an
I converted my business from a sole proprietorship to an SCorp as of January 1, 2014. My Dec 31, 2013 balance sheet showed $4k in assets, $60k balance due on a loan, which I transferred to the corpora… read more
Jonathan Tierney
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I have a S Corp who is still paying the IRS prior years payroll
I have a S Corp who is still paying the IRS prior years payroll withholding tax. She closed her payroll account in 2012 and has only been taking draws and no salary. I am going to discuss setting up p… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
Question pertains to a Virginia LLC structured as an S-Corp,
Question pertains to a Virginia LLC structured as an S-Corp, which has never had any revenue or expense activity since its inception. Filed 2012 1120S return, prior to March 15th with both boxes check… read more
Megan C
Megan C
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Can a single member LLC previously filing form 1120S, file
Can a single member LLC previously filing form 1120S, file form 8832 and then file the corporate taxes on 1040 schedule C?… read more
Megan C
Megan C
Certified Public Accountant (CPA)
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Our company, treated as S-corp for tax purposes for many years,
Our company, treated as S-corp for tax purposes for many years, reverted to C-Corp (termination effective 10/8/13), and now must file 2 short year tax returns for 2013 . On 10/7/13, our balance sheet,… read more
taxmanrog
taxmanrog
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Hi Dave, A follow up question. What is schedule L? I have
Hi Dave, A follow up question. What is schedule L? I have a single-member LLC that elected for S-Corp taxation. Would I still need to complete a schedule "L" if we do over $250K in gross receipts? Tha… read more
Dave CPA
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I am requesting Steve Grizey, if available. I have a client
I am requesting Steve Grizey, if available. I have a client who requested/elected Sub S treatment of his single member LLC in 2012. Is there a way to de-request this election? I don't beleive it is in… read more
Stephen G.
Stephen G.
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Bachelor's Degree
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Can you revoke an 8832, client set up another company which
Can you revoke an 8832, client set up another company which was an extension of his S corp. The company was an LLC and he filed an 8832 for it to be treated as an C corp, but it really should be owned… read more
CGCPA
CGCPA
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Just changed from a Sole Proprietorship to an LLC (California).
Just changed from a Sole Proprietorship to an LLC (California). I am thinking about taking the s-corp election - by filing IRS Form 8832. I want to know about tax consequences if I do this. Since I ju… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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When I convert from S-Corp to C, can I keep existing EIN?
When I convert from S-corporation to C-corporation can I keep my existing EIN number for the S-corporation? Also, do I have to dissolve the S-corp when it is converted to a C-corporation? If so, how c… read more
winktax
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tax question-- I have an LLC with an s-corp tax election.
tax question-- I have an LLC with an s-corp tax election. How is the accounting and bookkeeping different from an LLC taxed as a sole proprietor?… read more
CGCPA
CGCPA
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Bachelor's Degree
3,360 satisfied customers
I formed an LLC but advised to treated as an S-corp (filed
I formed an LLC but advised to treated as an S-corp (filed form 8832 and 2553 to file form 1120S) I am a single owner LLC 100% and my husband is my employee on payroll) how can I convert back to singl… read more
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