TKTax Posted March 28, 2010 Report Share Posted March 28, 2010 My client, who has a small carnival concession stand, incorporated as a 'C' Corporation. He had told me he would be an LLC. I do not do Form 1120 taxes. I realize that the return is already late of course. He did not set himself up as an employee. Can I just file a late extension for the 1120 corp, and go ahead with his individual return? Can he convert to an LLC in Wisconsin? Thanks for any help! Quote Link to comment Share on other sites More sharing options...
jainen Posted March 28, 2010 Report Share Posted March 28, 2010 >>Can I just file a late extension for the 1120 corp<< No. But maybe he can elect a fiscal year, which might be a good idea anyway if his business is seasonal. On the other hand, an extension for his 1040 is definitely necessary. This close to April 15 you don't have time to sort out whether his draws were dividends or constructive wages or whatever. Quote Link to comment Share on other sites More sharing options...
OldJack Posted March 29, 2010 Report Share Posted March 29, 2010 Well... he probably operated loose and never held his business out as a corporation. If he didn't have a checking account with a corporation ID# and nothing to indicate to the public as a corporate activity, I would consider filing a zero form 1120 and report his business on a 1040 Sch-C. And, if you are going to do taxes for the public you need to learn how to do all business, trusts, and estate type tax returns. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.