if it is single-member llc you may need to file 2 returns - 1 an amended S-corp showing nothing for revenue or expense since it seems you did not properly elect S-Corp status and an amended personal return to report all the activity - if a business on schedule C
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as a multi-member LLC that did not properly elect S-Corp taxation you may still need to file an amended S-Corp to show nothing. You cannot convert the S-Corp in Turbotax business to a partnership. You would have to create a partnership return from scratch. This also would also require you to file an amended personal return.
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not enough information to determine if you can or should file for late S-Corp relief. For example, if you didn't take a salary, then it may be detrimental to make a late S-Corp election even if qualified
General Relief Rules for S Corporation Elections
The following requirements must be met to qualify for late S corporation election relief by a corporation or entity classified as a corporation:
- The entity intended to be classified as an S corporation, is an eligible entity, and failed to qualify as an S corporation solely because the election was not timely;
- The entity has reasonable cause for its failure to make the election timely;
- The entity and all shareholders reported their income consistent with an S corporation election in effect for the year the election should have been made and all subsequent years; and
- Less than 3 years and 75 days have passed since the effective date of the election (See the Exception to the 3 Years and 75 Days Rule section below).
In addition, if the electing entity is requesting a late corporate classification election to be effective on the same date that the S corporation election was intended to be effective, the requesting entity must also meet the following additional requirements:
- The entity is an eligible entity as defined in Treas. Reg. § 301.7701-3(a);
- The entity failed to qualify as a corporation solely because Form 8832 was not timely filed; and
- The entity timely filed all required federal tax returns consistent with its requested classification as an S corporation.
If the entity qualifies and files timely in accordance with Rev. Proc. 2013-30, the Campus can grant late election relief. If the entity does not qualify under the provisions of the Revenue Procedure, its only recourse is to request a private letter ruling.
If you are interested in being taxed as an S-Corp, I suggest conferring with a tax pro that could go over the return you did filed and check for possible issues to electing S-Corp.
