I recently (04 Jan 2024) opened a single member S Corp (based on advise from CPA on tax benefits), I haven't conducted any business with this S Corp (I'm based in Maryland) yet, so $0 in/out (no asset or anything).
I would like to close this S Corp and open a LLC to keep it simple for my year-end taxes (as I don't want additional overhead that comes with S Corp of running payroll, profit/loss process, board meetings, etc).
What I have now is EIN from IRS, Business Bank accounts and business credit card.
I just want to start clean with new LLC and close the S Corp.
- Is it possible for me to elect my current S Corp to be taxed as LLC (a change in status) ? If yes, How would I do that ?
- If not, what are the actions I need to take to properly close this S Corp ?
- With state (MD), I see the process is straight-forward, I can apply for dissolution of my company with the state following their process.
- What steps I need to take with IRS for closing my EIN ? (I'm not clear on this).
