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If I can trust my shaky memory, I think PTIN Renewal usually opens up after October 15th.

Your post says no income, which I assume means they are not in business, therefore no tax returns need to be filed, no EIN. Husband, wife and all of the children could all be LLC members. Basically all of the tax related questions are moot.

Thank you Elrod. This day is always sad, but this year seemed a bit more difficult. While being reminded of the continuing suffering of some members of the department one of my guys is in the hospital with covid among other 9/11 pulmonary issues. It’s been touch and go and we’re hoping he will turn the corner soon, please say a prayer for Kevin B. Thank you everyone for all the support for fire departments everywhere. I truly believe people are not forgetting the sacrifices made that awful day.

News Reports yesterday say that the IRS Backlog is now down to 8.5 Million Tax Returns. which are now all returns which will require manual intervention. The Taxpayer Advocate Service says that their caseload has increased about 50 % and that if you call them that the average wait time on hold is about 80 minutes.

If an S-Corp owns a C-Corp, and the C-corp pays dividends out of retained earnings, then the C-Corp would issue a 1099-Div to the S-Corp, which would in turn issue a K-1 to the S-corp shareholders reflecting those dividends. I think that is what you were saying.

I find the question a little confusing. If I am following, the sub-s owns the LLC. The LLC has elected to be taxed as a corporation. I am assuming it is taxed as an s-corporation since a k1 was issued. In my experience, most owners of entities taxed as s-corps pay taxes on the amount reported on the k-1, and any amounts received are usually distributions rather than dividends. If they are dividends, they should be reported on a 1099-DIV and taxed as dividends. If they are distributions, they may not be taxable at all since tax on the profits earned was paid based on the k-1 at the time the profit was earned by the LLC.

My prayer goes to Kevin B. and all those who have suffered such a shameful event that humans can bring upon there brethren. I cannot begin to imagine the pain so many folks are going through. The stories this last weekend, that my wife and I watched on television had brought many tears and heartache to us both. May the spirit of your comrades rest peacefully upon you Bill, and again, Thank You.

You originally stated that the businesses were reported on Sch C and Sch F. The trust and estate now own the businesses and report them on their separate 1041s. There was never an S corp or any corp and there isn't one now. QSST doesn't come into play here. That election is usually made when a shareholder in an S corp dies and that ownership transfers to a trust, which S corps can't have as owners. You may have over-researched this, but look at all you've learned that you never knew existed! I do that all the time and finally realize I have to drag myself away from the big, big picture and focus on the small piece in front of me.

In the last few years, I have finally realized my limitations and my areas of expertise. If these were my clients, I would tell them I am not able to do their returns any longer.