You flat out can not use the same EIN for the S-Corp as you have for the single member LLC. You must obtain a completely new EIN for the S-Corp. You can get it for free in about 10 minutes at https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-n...
Can I just file form 1120S and to get my K-1 and file my personal return?
Absolutely not. It's not that simple. Basically, you have to first show the closure of your SCH C business on your personal tax return. Then you can start the 1120-S to show the incorporation of the business. Overall I would highly recommend you get professional help for this year of change. Mistakes will $COST$ $YOU$ $DEARLY$ in the short term.
For starters, do not e-file ***ANY*** tax return, until you have completed ***ALL*** tax returns and are 100% satisfied with the results. Mistakes in the year of conversion *WILL* result in a never ending nightmare with the IRS from which you will never awaken. So perfection here is not an option.... its a *must*.
First, you must report the single member LLC as permanently closed and disposed of on your personal tax return. you have to do this first, because you will need to print out the IRS Form 4562's for any assets in the business that will be transferred to the S-Corp. You will *NEED* both form 4562's. They both print in landscape format and one is titled "Depreciation & Amortization Report" and the other is "Alternative Minimum Tax (AMT) Report". Here's how to report the closure/disposition of your SCH C business. No point in my going further until you have this done in it's entirety and you are physically holding the printouts of the 4562's in your hand.
Closing your SCH C Business
At the beginning of the business section one of the screens has a selection on it for "I sold or otherwise disposed of this business in [tax year]. You must select that option and press on "as if" you still own the business.
WHen you get to the business summary screen, you have to work through income and expenses, even if those amounts are all zeros. Enter all income and expenses incurred before your official close date of the SCH C business.
Next, you must work through the Business Assets section, and if any assets are listed there you must show your disposition of each and every asset one at a time. Start working through the first asset and on the screen that ask, indicate that YES you DID STOP USING this asset in [tax year]. Then continue working the asset through to report it's disposition - be it sold, removed for personal use, given away, stolen, destroyed, whatever.
Note that you must show your disposition for each and every asset listed, individually.Since you are incorporating, you'll indicate that all assets were removed for personal use.
After you're finished with all the assets, if your business claimed ANY vehicle use at ANY time you were in business, then you will need to work through the business vehicle section to show the disposition of the vehicle - even if that vehicle was a personal vehicle not used 100% for the business. Most likely, your disposition of the vehicle would be "removed for personal use", becaase while not unheard of, it's rare that the sale or closure of a business reported on SCH C would include the vehicle in that sale or closure too.You most likely intend to keep using the vehicle for personal use, regardless of the disposition of the business.
Finally, if your business carry's inventory and you still have unsold inventory, then you must make your EOY inventory balance $0. To do that, on the COGS screen simply indicate that all remaining inventory was “removed from the business for personal use” and this will make your EOY Inventory balance $0.
Once you've completed all the above, just work it through to the end, and this will be the last year you file a SCH C for this specific business that you no longer have.
