Hello!
Started LLC in August 2021.
S election(2553) sent Oct 2021. (no business income yet), (first dollar made mid December 2021, total rev in 2021 =8500).
With still no response from IRS no payroll was ran (first paycheck would have been paid January 2022 anyways). Per IRS over the phone in December 2021, "do not treat your LLC as an s corp until we approve you."
No response until Mid-Late February 2022(approved- with effective date of 08/2021).
By this time my 1040 with schedule C (8500 in revenue) was filled.
2553 instructions state to file required tax forms while waiting for response.
took that as: file personal taxes due in April since you haven't heard back.
Also the IRS over the phone stated in end of January 2022 that it could be several more months before I would have their response to 2553.
So now I'm disposing of my schedule C on 2022 1040 with an asset disposal date of 1/01/2022 and moving depreciated assets to 1120s, and showing no income or deductions on schedule C 2022. Stating incorp date on 1120s as Aug 2021, with Aug 2021 as effective date, checking the box saying this is my first scorp return for the business. Am I going to die?
Facts: 1 employee shareholder(CEO), with 91k in wages for 2022, total rev =200k in 2022.
