Jump to content
ATX Community

Parternship converting to S-Corp


Recommended Posts

I have a partnership that is converting to being taxed as an S-Corp.  The Form 2553 will be filed by May 15, to make election effective March 1.  Is the short year partnership return for January and February of 2021 also due by May 15? I don't think forms are available - can it be filed on 2020 forms?  Any warnings from anyone who has done this?

Link to comment
Share on other sites

I have a fairly new client doing the same conversion except that we filed the 2553 just in time to be effective 1/1/21.

My question is how do you handle the balance sheet accounts in the equity section with respect to the changeover from a PTS to an S Corp?       

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...