Partnership was formed in 2022. The partners are a SMLLC filing as S corp (and that company was formed prior to 2022), a SMLLC and an individual. I use ProSeries. On the K1 for the SMLLC partner, I listed the partner status type as LLCC for corporation. The tax accountant preparing the SMLLC's tax return has asked me to change that status type from corporation to disregarded entity.
In ProSeries, the status type has a drop down menu with entity type options. I see DE is available, so I selected it. Then I entered the SMLLC owner's name and social security number, but ProSeries shows an error on the SSN field. To work around the error, ProSeries indicates to write APPLD FOR in the SSN space.
1) How do I overcome this error? Is it a big deal?
2) Do I need to formally amend the tax return for the entity type change? Or can I get by with documenting the file?
Any assistance is appreciated.
In ProSeries, the status type has a drop down menu with entity type options. I see DE is available, so I selected it. Then I entered the SMLLC owner's name and social security number, but ProSeries shows an error on the SSN field. To work around the error, ProSeries indicates to write APPLD FOR in the SSN space.
1) How do I overcome this error? Is it a big deal?
2) Do I need to formally amend the tax return for the entity type change? Or can I get by with documenting the file?
Any assistance is appreciated.
Comment