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I switched from a sole prop to an LLC taxed as S Corp halfway through the year, can I file all my income as an S corp even though I brought in income as a sole proprietorship?

 
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Phillip1
New Member

I switched from a sole prop to an LLC taxed as S Corp halfway through the year, can I file all my income as an S corp even though I brought in income as a sole proprietorship?

It depends on the date when the S-Corp election is effective. The date should be in S-Corp election acceptance letter from the IRS.

If the election is effective by 1-1-2016, you can report all of the LLC income on the S-Corp return. However, if the election is valid on a later date, you will need to report the LLC income from January 1st until the S-Corp became effective on schedule C and the remainder on the Form 1120S.

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