An individual may choose to form under state law a LLC rather than a corporation for limited liability purposes. As a single member LLC (SMLLC) the individual may elect to be a S Corporation for tax purposes, in part, rather than showing the rental income on Schedule E of the personal return. For more information, I hope you will be attending the 2017 Tax Professionals Symposium which starts on Wednesday. Robert Barnettt will be discussing your question on Friday in sessions 3021 and 3051.
Hope to see you later this week!
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David Rothfeld
DAVID J. ROTHFELD, CPA
Hicksville NY
516-433-2129
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Original Message:
Sent: 11-13-2017 15:52
From: Thomas Sullivan
Subject: S Corp ownership
It seems kind of incongruous. The S Corp income should go direct to the Individual, no??
The inclusion of the LLC in between looks to be unnecessary.
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Thomas Sullivan
Thomas F Sullivan CPA PLLC
Floral Park NY
Original Message:
Sent: 11-10-2017 15:05
From: Dominic Frandina
Subject: S Corp ownership
I have a client who has an S corp which is owned by a single member LLC. However, the LLC elected to be taxed as an S corp by the prior accountant. Is this allowed?
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Dominic Frandina
CPA
CASILLO & FRANDINA, LLP
Floral Park NY
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