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Switching a SMLLC to an S-corp

  • 1.  Switching a SMLLC to an S-corp

    Posted 10-21-2018 18:31
    Can someone please tell me how to switch from being taxed as apartnership to being taxed as an S corp?

    Do I file for a change in entity then file a sub-s election?

    Alfonso J. Mollica CPA

    Alfonso J. Mollica CPA, P.C.

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  • 2.  RE: Switching a SMLLC to an S-corp

    Posted 10-22-2018 06:10
    Just file 2553 and ct6. You are still a partnership but will be taxed as a sub s and will file s Corp tax returns. Nothing else needed.

    Sent from my iPhone




  • 3.  RE: Switching a SMLLC to an S-corp

    Posted 10-23-2018 10:08

    Yes, and be sure to use the effective date of S election as your date of incorporation.

     

    Michael Strebel, CPA

    Strebel & Klein, LLP

    200 Motor Parkway, Suite A-1

    Hauppauge, NY 11788

    p(631) 883-5150

    f(631) 883-6645

     






  • 4.  RE: Switching a SMLLC to an S-corp

    Posted 10-22-2018 10:05
    They changed it a few years ago and you only have to file a 2553 (assuming the initial filing was an LLC). 

    Jeffrey Pares, CPA

    Pares & Company, CPAs, P.C.

    425 Broadhollow Rd, Ste 329

    Melville, NY 11747


    Tel - 516.735.3600

    Fax - 516.735.1351
    jparescpa@gmail.com

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  • 5.  RE: Switching a SMLLC to an S-corp

    Posted 10-28-2018 19:20
    Most often these are structured as asset over in form and carryover basis results.  Watch the trap of Section 357 if debt exceeds basis.  I just returned to the office and have some materials i can locate for you if you still need.   I am planning to discuss these conversions at this year's Tax Symposium.

    ------------------------------
    Robert Barnett
    CPA, ESQ.
    Capell Barnett Matalon & Schoenfeld LLP
    JERICHO NY
    ------------------------------



  • 6.  RE: Switching a SMLLC to an S-corp

    Posted 10-28-2018 21:13
    Thanks, no debt other than loan from shareholder 


    Alfonso J. Mollica CPA
    Alfonso J. Mollica CPA, P.C.


    Office    (516) 597 - 4991
    Fax       (516) 796 -1585

    If you are receiving files or tax returns in this email, these have been sent in a manner that we no longer consider safe from a security standpoint and do so only at your request.

    We will not assume any liability for files that you request be sent in this manner. The same is true for all materials you send to us. 

    We provide more secure file transfer via SecureDrawer or fax.

    If you require your username or a password reset, please call.

    This message is intended only for the personal and confidential use of the designated recipient(s) named above. if you are not the intended recipient of this message you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited.