What is the process to convert a partnership business filing 1065 to a S-corporation 1120-S. in this case, the LLC was formed in 2023 and the first tax return in 2023 was filed as a partnership 1065. for 2024 tax return as of today, we want to file it as a S-Corp. We are using drake software to file taxes. The same partners will be the shareholders in the S-Corp.
To convert your LLC from filing as a partnership (Form 1065) to an S-Corporation (Form 1120-S) for the 2024 tax year, you'll need to follow these steps: 1. **Check Eligibility**: Ensure your LLC meets the requirements to elect S-Corporation status. This includes having no more than 100 shareholders, all of whom must be U.S. citizens or residents, and having only one class of stock. 2. **Elect S-Corporation Status**: File Form 2553, "Election by a Small Business Corporation," with the IRS. This form must be signed by all shareholders. For the election to be effective for the 2024 tax year, you should file Form 2553 by March 15, 2024. If you miss this deadline, you may need to request late election relief. 3. **Amend Operating Agreement**: Update your LLC's operating agreement to reflect the change in tax status and any necessary adjustments to align with S-Corporation requirements. 4. **Adjust Payroll**: As an S-Corporation, you must pay reasonable compensation to shareholder-employees. This means setting up payroll if you haven't already. 5. **Update State Filings**: Check with your state to see if any additional filings or changes are needed for state tax purposes or business registration. 6. **Use Drake Software**: In Drake Software, ensure you select the S-Corporation module for the
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