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Business & farm
If there are no employees in the disregarded entity now (as an LLC) and no W-2's were issued for 2016, then it makes no sense to file to be treated as an S-Corp. As a single owner, the owner can not issue themselves a W-2, 1099-MISC or any other type of tax reporting document. So you're reporting this on SCH C for your 2016 taxes as it stands now, based on the information provided.
Keep in mind also, that with no employees, converting to an S-Corp or electing the option to be "treated like an S-Corp" will have no benefit for you. But it will cost you more to file at tax time, since you need TurboTax Business to file the business return, and must complete that filing before you can even start your personal tax return which requires you purchase another version of TurboTax to do that.
Keep in mind also, that with no employees, converting to an S-Corp or electing the option to be "treated like an S-Corp" will have no benefit for you. But it will cost you more to file at tax time, since you need TurboTax Business to file the business return, and must complete that filing before you can even start your personal tax return which requires you purchase another version of TurboTax to do that.
May 31, 2019
6:40 PM
3,977 Views