topic I've registered my muti-member LLC for rental investments as an s-corp by mistake in 2024. How can I undo this and what do i still need to do for the S-Corp Tax? I did not give salary in 2024, I also did not have any income from this business.. in Business & farm

I've registered my muti-member LLC for rental investments as an s-corp by mistake in 2024. How can I undo this and what do i still need to do for the S-Corp Tax? I did not give salary in 2024, I also did not have any income from this business..

LLCnewbie — Mon, 20 Jan 2025 21:02:41 GMT

M-MTax — Mon, 20 Jan 2025 21:09:28 GMT

You can revoke the election. See IRS procedures at the link below.

M-MTax — Mon, 20 Jan 2025 21:10:20 GMT

You would need to file a final 1120-S for the 2024 tax year at this point.