T/P starts Organic Mushroom business with following:

1.  Has not filed 1120S for 2020.

2.  Original S was for IT consulting - No Income in 2020 so T/P decided not file S.

     Note:  Has filed all prior years, which started in 2016.

3.  Purchased equipment for OM in 2020 and entered on Sch F - other activity from other farming.

My recommendations:

1.  File 1120S to avoid further late filing penalties - currently owe $410 for 1 sh.

2.  Remove OM equipment from Sch F and report on LLC and file as Sch C and don't depreciate until OM begins business which I am told will be in 2021.  Or setup as NEW S?

3.  Terminate Original S at end of 2020.

Thoughts/comments - given limited info.