If there is an EIN change mid-year due to restructuring from an S-corp to a partnership resulting from a majority sale to a financial sponsor, would you report the entire fiscal year under the new EIN or both EINs?
02295
2 Replies
Critter-3
Level 15
Dec 14, 2021 3:16:09 PM
You will close the corporation and open the partnership. They are totally separate entities and the income/expenses each had must be reported on the correct tax form. I HIGHLY recommend you seek local professional guidance if you are at all confused as to what needs to be done and when. You could already be late filing the final S-Corp return and if so the penalties are accruing at a fast pace.