Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

New S-Corp - Delete Schedule C in Lacerte?

208Accountant
Level 3

A client received IRS approval to file as an S-Corp starting 1/1/2020. The 1120-S and 1040 are complete, however, I am getting a critical diagnostic that says the Schedule C is not necessary with no activity. The thought of deleting it altogether makes me nervous, but it seems logical. All assets have been moved to the S-Corp. Looking for a second opinion... 

0 Cheers

This discussion has been locked. New comments cannot be posted on this discussion anymore. Start a new discussion

2 Comments 2
dkh
Level 15

Delete the Sched C. If there is no income or expenses to report what could be the purpose for keeping it?

208Accountant
Level 3

Thank you for your response. I was more concerned with properly recording the transfer of assets from the individual to the corporate return and wanted some reassurance that deleting the schedule C and all related assets was okay.