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FAQ

How can a company that has erroneously filed IRS Form 1065 comply with their requirement to file IRS Form 1120S, after having made guaranteed partners payments rather than officer salaries?
oh wow.  This is really messy.  Here are the steps I would go through:1.  File an amended form 1065 to indicate $0 activity.  Give all of the officers a corrected K-1.  They'll need it to file their amended returns.2.  File the proper form 1120S - expect inquiry letters from the IRS about this.  Be prepared with all of your documentation indicating that 1120S is the proper form to file.3.  File forms 941, 940, State Withholding and State Unemployment.  You'll need to "gross up" the officer payments.  For example, if Partner A received $80,000 in guaranteed payments, you'll need to actually file that as $86.626 to account for the $6,62. in Social Security and Medicare taxes that were withheld from the paychecks in order to reach $80,000.4.  Prepare W-2s for all of the officers.  They'll need these for their amended returns.5.  Expect to pay lots of penalties and interest on the 941 forms since they are now late.6.  Prepare to pay an accuracy related penalty, although you may be able to beg forgiveness on this one and get it abated.7.  Fire whoever made this error, unless it's your fault for not providing that person with the appropriate documentation.
In 2021 I made 224,000 (self-employed) and paid a little over 62K in federal taxes. Can I go back and amend my 2021 taxes to an S corp now?
A2A.It depends on when your LLC became active, and when you filed IRS Form 2553, Election by a Small Business Corporation, to elect S-corporaion status.If your LLC was active prior to 2021. you had to file Form 2553 by March 15, 2021. If your LLC did not become active until 2021. you had to file Form 2553 within two months and 15 days of the date the LLC became active; for example, if your LLC became active on July 1, 2021. you had until September 15, 2021 to file Form 2553.If you made a timely S-corporation election for 2021. then you must go back and both file Form 1120S for the period in which your S-corporation election was active, and amend your personal return to account for both the S-corporation income as well as any income the LLC may have earned prior to the effective date of the election. If you did not make a timely S-corporation election for 2021. then you cannot amend your 2021 returns.Note that if you made a timely S-corporation election for 2021 but did not pay yourself an appropriate salary or withhold payroll taxes in 2021. the IRS may recharacterize some or all of your net income from the S-corporation, so you might not save much, if anything.
What tax form do I need to fill out to convert from single member LLC to multi-member LLC?
When you add a member to your previously single member LLC (which you can do structurally by amending your operating agreement and filing an amended report, if required, with your secretary of state), you cease to be a 'disregarded entity' under the applicable Treasury Regulations.Going forward, you will either be a (a) partnership, by default, and will have to file a partnership income tax return on Form 1065, or (b) a corporation, if you so elect, and will have to file a Form 1120 if you are a C corporation or Form 1120S if you elect to be taxed as an S corporation.There can be other tax issues as well, and these need to be addressed with a business CPA.
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