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    Multiple EINs?

    Taxpayer owns 100% of S-Corp A (restaurant). In 2004 taxpayer opens second restaurant B and got a new EIN for paying employees. Taxpayer never got around to incorporating B or any of the other niceities. B used A's name on lease, to pay sales taxes, get bank loan.

    B has its own bank account and financial records, filed own payroll reports. The intention was to make B a second S-Corp.

    How to get out of this mess (by Sept. 15)? Can we just combine the books and file one 1120-S? Is there a problem with two EINs? Has anyone dealt with a Qualified Sub S? There is Rev Proc 98-55 that seems to allow a late QSub election by the due date of the parent's return.

    Any help would be appreciated. Thanks!

    #2
    2 EINs

    Jill, how about filing restaurant B on Sched. C for 2004, then incorporating it as quickly as possible.
    Realizing that this was not the original intentions of the clients but what else can you do
    since they are operating under a separate EIN?

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