trish-33540
Level 1
‎03-04-2020 02:06 PM

Client advises they have formed a new LLC with existing Subchapter S Corp as sole member.  New activity is not related to old business.  Each should report profit or loss separately, correct?  How do I make ProSeries do that?  I'm just happy they told me about this now and not NEXT tax season.

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Terry53029
Level 14
Level 14
‎03-04-2020 03:04 PM

I believe the LLC would be a division of the S Corp with all income and expense reported on the 1120S

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trish-33540
Level 1
‎03-05-2020 07:24 AM

No cost/income segregation and no elections necessary on 1120S?

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Terry53029
Level 14
Level 14
‎03-06-2020 11:55 AM

Don't know for sure if you are required to separate out income/expenses, but I would. no election necessary 

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