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Old 04-04-2017, 10:32 PM
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Join Date: Apr 2017
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LLC Returns

I have a new client who owns a 7-Eleven franchised store (through an LLC). The client and his wife are the only 2 members of the LLC and each one of them has a W-2 issued from the LLC. Their previous tax preparer had always included the income from the LLC on Schedule C. Client has no idea whether they made an election to be taxed as an s-corp.

1. The client doesn't recall if they made an election to be taxed as an s-corp. Is there a quick way for me to find out from the IRS?

2. If the client should have been filing either a 1065 or 1120s, but has only been reporting income from the business via Sch C, do they change now and if so, do they need to go back and amend the last 5 years?



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