Hello!
I am using an LLC registered in SC for my consulting practice that has just one client.
It is a S-Corp where the income and loses flow to the owners.
We move the offices from SC to NY in June 2021.
I have finished the Federal 1120-S
How shall we split income and expenses for each State. I was told by one of your colleagues
to report the income earned in each state and the expenses in each.
Is the last statement correct?
If not, how?
The software calculates that the LLC has to pay $19 to NY State and $25 to SC.
I have created 2 mock Federal, splitting income and expenses for each state.
Both states require to attach the Federal Return.
Am I OK doing my state taxes this way or am I creating a potential tax audit and nightmare?
In addition New York requires to file electronically but the software attaches the Federal Mock Return to the NY State tax return.
Your help is appreciated. Thank you!
