Question

Changed from sole proprietor to single member LLC disregarded entity mid year, how do I transfer the assets if I am still the owner and nothing really changed?

Forum|Forum|7 years ago
June 1, 2019
1 reply
0 views

have used turbo tax to file schedule C's for years and every year it transfers to the new Turbo Tax, so all the assets and inventory from last year have been imported.

TurboTax Home & Biz Windows

J

JulieR

You will not need to transfer anything. You will continue to file your return on Schedule C as you have in the past. If the business name was changed due to the LLC filing you will update it in TurboTax and you'll need to enter the Employer identification number (EIN) if one has been obtained. The easiest way to update this information is to switch to the Forms view (Ctrl+2) and enter it directly on Schedule C (see sample screenshot below)

A

aesparza6Author

The sole proprietorship had employees and the final 941 was submitted to the irs. The limited liability company has a new EIN and has been reporting wages under this new EIN since July 01 2018. Won't this affect how the wages are reported to the IRS and won't the LLC have an inflated amount since it will now show wages reported for a full year when the IRS only has wages reported by the LLC since July 01, 2018?