CCW_Acct
Level 1
01-31-2021
06:27 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
A C-Corp client converted to be a LLC in Aug 2020. How can I convert the client to be in Partnership Tax in Lacerte? Or, I need to start brand new client in Partnership tax?
Solved! Go to Solution.
Labels
George4Tacks
Level 15
01-31-2021
07:11 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
You can export the depreciation from one type and import to the other. You can not convert, so you do need to start fresh.
https://www.thetaxadviser.com/issues/2019/jun/conversion-c-corporation-llc.html may be of interest
Here's wishing you many Happy Returns
abctax55
Level 15
01-31-2021
09:35 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Be sure to click on the link George provided.
A corp does not just "convert" to a LLC. A corp is dissolved, with the associated tax consequences.
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
( Generic Comment )"
