Alicia,
Thank you so much for your reply and the related link. It really helps to clarify. (I will pass it on to the CPA)
Meanwhile, a quick question.
1. Do we need to update IRS if the status of ABC changed from a partnership to a disregarded entity in the middle of the year when the ownership changed?
2. Is there a penalty for informing IRS about this later and not immediately?
Thank you,
