Please help!Complicated Auto Depreciation for Mid-Year Sole Prop to S-Corp Conversion

[CAErinB]

Client's business operated as a Sole Proprietorship through 05/30/16, generating $260,000 in net profits.

On 05/31/16, TP formed an LLC electing S-Corp taxation and proceeded to operate the same business with the new structure, generating 2016 profits of ~$100K after his salary.

On 03/31/16, TP purchased a Tesla Model...

[hlopez]

Does anyone have an excel template to project/compare whether it makes sense to convert from C to S corporation?
I want to be able to show a tax projection to my clients but have the time to create the template right now.
Any ideas?

Thanks,

Hector

[Judy rocks]

I have an S Corporation with a 10% owner.
The 10% owner owns the shares as an individual.
In 2015 the S Corporation made payments of 24,000 to the 10% owners C Corporation.
The payments were for services the 10% owner rendered to the S Corporation

Questions:
(1) is the 24,000 deductible for the S Corporation...

[mregeci]

if you registeras a S Corp, have a EIN number and Articles of Incorporation but have not actively participated in the business yet. Do you need to file quarterly reports like 941's and end of year 1120 and k-1's etc.?

[Skate1968]

I would like to close a small S corporation as of 9/30/14 -- within a few days. Because id just prefer to NOT do a fourth quarter payroll

But then after 9/30 i will need to submit checks for payroll. And one check to the city. And possibly two or three other miscellaneous checks. Not much money at all. Maybe a few hundred tops....

[Judy rocks]

My client was married from about 2006-2010. He was partners with his wife 50/50 in an S Corporation. The wife was the tax matters partner. The bookkeeper and tax accountant were friends of hers. They went through a very bitter divorce in 2010. The S Corporation rented out a large building that they partioned into various artist studios. From...