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FAQ

Tax Law: May a single member LLC use Form 1065 and Schedule K-1 instead of Schedule C?
Tax Law: May a single member LLC use Form 1065 and Schedule K-1 instead of Schedule C? Can an S-Corporation change its status to an LLC? Should I form a C corp or an S corp for house flipping? Which is better in doing a real estate business including flipping houses and owning rental properties, a single-owned S corporation holding an LLC or to register a separate single-owned LLC? Can I revert from an S-corp back to an LLC and make it retroactive by one year? I am regretting my decision to switch to and S-Corp for this year and would like to file as an LLC again this year, as I have in past years. I’m an entrepreneur and made $2 million this year with my business. I wanted to invest in real estate to avoid taxes but my accountant says to wait till next year. I will owe about $500k in taxes this year if I don’t spend it. What should I do? What are the pros and cons of S-Corp vs C-Corp LLCs? Can I get rid of my S. Corp election and revert to an LLC (disregarded entity) and still keep my EIN? How long does it take to convert from an LLC to a C or S Corp? Also how much would it cost?
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