anaban
Level 2
06-14-2022
12:45 PM
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No, it's worse than that, I just did not want to load you with the full picture: he’s gen Z, opened a Delaware C Corp (CA resident) just because saw it on YouTube. I'm serios. 😊
So as of now he is a C Corp, no acceptance letter, I will file 2553 (late) with his first S Corp return. So no schedule C.
He it's a reseller - purchased some items on 2021 for 50 k total, stores them on a warehouse and sold a few for 20k.
Problem is that he is family, and broke, so I can’t pass it to “the CPA”. I’m a bookkeeper, I have fair tax knowledge but this is above my pay grade.