How to file a 1065 that is becoming an 1120S in 2019.

[mwelday21]

A calendar year 1065 Partnership will file for tax year 2018, it received its election from IRS and NYS to become an 1120S on 1/1/19.   My question is--1. assume i file a final return 1065.  2.  can i roll partnership basis into the new S-Corp.  3. What to do with the depreciating fixed assets--can i roll these as well?  The accounting will basically be seemless, its the tax filing that concerns me---thx

[IRonMaN · Accepted solution]

Everything will rollover into the new year just fine - it's still the same business entity.  Everything will rollover just fine, except the tax software, that is.  You will have to start from scratch in ProSeries since you can't convert the business types in the software.

[dd4vols]

if you have the assets in FAM, then you can just change the Form in Client Information... and as long as you don't want the destination to be anywhere but Page 1, i don't think you have to change anything at the each asset level (but not sure)