I have a client that has started an LLC, effective June 1. They were operating as a general partnership, and now hve formed the LLC, taxed as a partnership, for the liability coverage purposes.
The instructions to the 565 form specifically address this situation and say two forms will need to be filed.
In CA an LLC files form 568 - LLC return, and a partnership files form 565. Any one have a good idea on how best to do this in Lacerte? Is there an option in the program I am not seeing to help me with this, or do I need to create multiple clients in Lacerte and split things up. I bet this will be a paper filed return this year too. hhhmmm..... thoughts?
From your description you have two different entities. A partnership that would file 1065/565 for part year and mark itself as final.
The new LLC (with a new fein) will then file a 1065/565/568 for the remainder of the year, assuming it is not doing any other election then the default partnership. It will also need a state of CA registration number. https://llcbizfile.sos.ca.gov/SI
Nope, new FEIN is not required. As per instructions and other research in my Thomson Reuters quickfinder, etc. it is not a new entity.
I was just looking to see if there was a better way within Lacerte to do this. I talked with Lacerte the other day, nd they confirmed I will need multiple clients within Lacerte to achieve proper reporting.