Discussion:C corp to s corp
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Discussion Forum Index --> Basic Tax Questions --> C corp to s corp
Discussion Forum Index --> Tax Questions --> C corp to s corp
| 10 April 2008 | |
hi, i am sure my questions is very simple to all gurus here
c corp formed in 2006 changed status to S-corp as of 01/01/2007 as of 12/31/2006 it was taxable income $18000, tax paid in 2007 $2700 how I should reflect this number on 2007 tax return for S corp i guss it should go to schedule k-1 some how, but how? thank you | |
| 10 April 2008 | |
| You will have trapped "C" earnings when you change status.
You will want to see a Tax Pro - a CPA - to clean your books up - sending $2,700 out on a flying K-1 is not the right move to make. | |
Chris2lane (talk|edits) said: | April 10, 2008 |
| Listen to WPCPA and get some help. Don't attempt this on a whim. | |
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