1120S reporting multiple activities with new wholly owned LLC

[trish-33540]

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.

[Terry53029 · Accepted solution]

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

[trish-33540]

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

[Terry53029]

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