what are the tax implication of filing an S corp as a C corp?

AManley2
AManley2 Member Posts: 1 Newcomer
in After you file

Hello all, I am a software consultant and just realized I have been filing my S corp as a C corp, What are the tax implications of doing this? Should I be able to do an amendment or consult a tax preparer for help?

Thanks in advance

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Answers

  • KristineS
    KristineS FreeTaxUSA Agent Posts: 177

    Hi AManley2,

    Thanks for the writing in with your question.

    An S-Corp files Form 1120-S, a C-Corp Form 1120. You'll most likely need to amend the 1120 to show zero/nothing and then file Form 1120-S. This article is more technical in nature, but offers important information on amending a corporate return.

    Depending on how many returns over how many years you're referring too, this could get more complex. In addition, if there are more members/partners than you, this will affect the Schedule K-1 of those members and a correction my need to be issued.

    If you're not certain how to amend and correct, you may need to hire the help of a licensed professional familiar with process.

    FreeTaxUSA software does not support Form 1120-S/1120.

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