Changed from sole proprietor to llc mid year, how do i file

Forum|Forum|7 years ago
June 1, 2019
3 replies
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TurboTax Self Employed Online

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SweetieJean

Employee

Are you the only LLC member?

Rick19744

Employee

For federal income tax purposes, a single member LLC is a disregarded entity. As such, nothing really changed for federal income tax purposes. Both will be reported on a Schedule C.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.

R

Rocio Molinar

How about if they elect to be taxed as an SCorp. Do they file as sole pro for mid year and then 1120S? Or do they file 1120S for entire year?

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theban_tonnesen

Correct, they would do a partial sch c, then file an S corp with a short fiscal year. It determines what is appropriately taxed for SE. Incorporating mid year then lumping all on s corp is akin to not taking reasonable compensation. Dont forget partial year w-2 from s corp.

Cheers