How do I switch from S corp Form 1120S to a C Corp Form 1120? The S election was terminated at the end of 2017.

[redlerilles]

The S election was terminated at the end of 2017.  How do I transfer last years Form 1120S to this year Form 1120?

[IreneS · Accepted solution]

You cannot just transfer the S-Corp return (1120-S) into a C-Corp return (1120).  You need to file a final S-Corp return and start an initial C-Corp return. 

SuperUser Critter#2 offers the following advice:

I highly suggest you seek local professional assistance in filing the final & first returns so you get them correct.  This is usually a tricky situation so professional help is well worth the money since getting it wrong can cost much more in penalties & interest later.