Refile 2017 taxes as a S Corporation. Can the C Corporation filed return converted into a S Corporation return or do we have to completely create a new return?

[DanielV01 · Accepted solution]

Unfortunately, you must create a new return.  An S Corp is a completely different entity tax-wise than a C Corp.  Whereas a C Corp pays tax as an entity, an S Corp does not.  Rather the income earned by the corporation is "passed-through" to each shareholder, and then the shareholder is taxed on the income on his/her personal return.  Although the form used to report each sounds similar (Form 1120 vs. Form 1120-S), they are actually quite different, so you will have to create a new return.