Samantha Posted January 31, 2022 Report Share Posted January 31, 2022 Last thing first: a new EIN should have been applied for with the new business formation. Facts: FL LLC operates as a Sole proprietorship for years. Mid-year 2021, owner takes on a 2nd owner and Form 2553 S election paperwork is filed (not received back or approved since IRS is 5 million returns behind according to the news). The IRS section "Do I need a new EIN?" https://www.irs.gov/businesses/small-businesses-self-employed/do-you-need-a-new-ein makes it clear change from sole prop to corporation does. Unfortunately, FL LLC was amended at state level and new EIN was not obtained. Now I have a 2021 partial year which need to go on 1st owner's Sch C like years past and the remainder of 2021 on an 1120S. I'm afraid that getting the new EIN online today and *using it* will complicate 1099 filings. I'm wondering if I just file total paid to contractors for 2021 under old EIN and for the federal returns - try to use the same EIN for both the Sch C and the 1120S....or file the Sch C under the owner's social and the 1120S under the EIN. Other option is to get the new EIN and do 2 1099 filings under old and new for 2 separate ownership periods and payments to contractors from each time period but the bank account won't be changed to the new EIN until now - same with payroll filings. Thoughts? This is a mess! Quote Link to comment Share on other sites More sharing options...
Lee B Posted January 31, 2022 Report Share Posted January 31, 2022 Don't know if you can still do this, but we used to be able to use "applied for" in an EIN box? Quote Link to comment Share on other sites More sharing options...
Samantha Posted January 31, 2022 Author Report Share Posted January 31, 2022 That doesn't really address this issue so any other input from others is welcome and much appreciated! Quote Link to comment Share on other sites More sharing options...
JackieCPA Posted January 31, 2022 Report Share Posted January 31, 2022 You don't need a new EIN going from an LLC to an S-Corporation as they would still be an LLC just taxed as an S-Corporation. Unless you are filing for them to be incorporated as well. Or maybe I am misunderstanding the question. 1 Quote Link to comment Share on other sites More sharing options...
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