No, it can't go either way. Even though you filed with your SSN originally, the business run under that number has now changed to reporting as an S-Corp. That is where the information has to be reported. The only pro is to report it on your Form 1120-S and the only con is to not report it on your Form 1120-S. Not filing correctly could cause delays in the processing of your returns with the IRS.
@SCORP2
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