When an s corp converts to an llc and files firm 8832 and 2553 to be an s corp are 2 income tax return firm 1120 required or just one
When an S Corporation converts to an LLC and elects to be taxed as an S Corporation, the process involves a few steps, but generally, you would not need to file two separate Form 1120-S tax returns for the same tax year. Here's how it typically works: 1. **Conversion to LLC**: When the S Corporation converts to an LLC, it must file Form 8832, "Entity Classification Election," to elect how it wants to be taxed. If the LLC wants to continue being taxed as an S Corporation, it should elect to be treated as a corporation for tax purposes. 2. **Electing S Corporation Status**: After filing Form 8832, the LLC must file Form 2553, "Election by a Small Business Corporation," to elect S Corporation status. This allows the LLC to be taxed as an S Corporation. 3. **Filing Tax Returns**: If the conversion and elections are completed within the same tax year, you would typically file just one Form 1120-S for that year. This is because the entity is maintaining its S Corporation tax status throughout the process. However, if there are any gaps or changes in the tax status during the year (for example, if the LLC was initially taxed as a partnership or disregarded entity before electing S Corporation status), you might need to file different returns for those periods. It's important to ensure that all elections are timely and correctly filed to avoid complications. Given the complexity of these transactions,
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