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Business & farm
Did the LLC transfer or you just created a new entity taxed as an S Corp? I am asking, because I have never seen an S Corporation election being made 10 years after organizing. If the LLC became an S Corp, nothing has to be done.
If you have a new entity, you might want to close the LLC with the state. Some states require separate filing and have separate taxes for the LLC. Look into yur states guidance in how to treat the closing of an LLC. This is only if you have a new entity.
March 6, 2022
12:31 PM