@Joseph_ you need to back up here. You're comparing things to the way you did things on SCH C. There is no comparison. It's like being a qualified scuba diver who's learning to fly an airplane and saying "well this is how we change our altitude/depth in the water." There's just no comparison. Some notes you may find important.
- First you have to close the SCH C business and remove all assets from that business by converting them to personal use on the date you decided to close the business. The SCH C should be marked as "final" when all is said and done. Also note that you can not file your personal 1040 tax return until you have completed the corporate return and all K-1's have been issued. That's because you will need that K-1 from the corporate return, to complete your personal return with. Now to the corporate return.
- Somewhere (I don't recall exactly where) in the process of working through the corporate return, you'll be asked if the business has employees. If you select no, then you will "never" be asked anything concerning employee wages.
- The open date of the business will be the date you originally opened the SCH C business. Doesn't matter if it was years ago either.
- The "incorporation" date of the S-Corp will be one day after you closed the SCH C business.
- Any business assets removed from the SCH C business are a part of your capital contributions to the corporation.
- When entering assets, the in service date for that asset is the same exact in service date you had on the SCH C. Doesn't matter if it was years ago either. (This is how the prior year's of depreciation gets "carried over" from the SCH C business to the corporation)
As a final note, corporate tax returns (1120 and 1120-S) were due March 15. Unless you have a mitigating circumstance (Don't know if you do or not) the late filing penalty is $200 per month, per member. So as it stands right now, you "might" be looking at a $200 late filing penalty for the corporate return.
Above are just some of "the basics" I know concerning corporate returns. Beyond the basics, I can't be helpful at all.
