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How do I change my filing status from C corp to S corp in QB?

I have been operating my business, as a C-Corp for the last 10 years, this year I filed a form requesting to change my filing status to a S-Corp. Can I update this new filing status in QB or do I have to create a new company file?

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Best answer 12-26-2018

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Established Community Backer ***

Re: How do I change my filing status from C corp to S corp in QB?

You can make tgat change for entity filing type in My Company , edit your details.

As an S corp for anyone even starting out is to establish  a C and then make a timely election there should be no change in FEIN and nothing further to modify as of election date. Your corporation will cease to pay corporate income tax as profit will pass through to shareholder.

Established Community Backer ***

Re: How do I change my filing status from C corp to S corp in QB?

I am going to suggest a different approach for a second company file for this situation. Use the copy company function to create an exact duplicate. In new company condense data, and edit the entity type as before. Thos will keep the old company for C corp tax forms and new S for forms going forward.  Like I said, you can keep history since your EIN does not change, only your forms you file

 

and hopefully you are choosing end of fiscal year for change ad it is easier to close out 

3 Comments
Established Community Backer ***

Re: How do I change my filing status from C corp to S corp in QB?

You can make tgat change for entity filing type in My Company , edit your details.

As an S corp for anyone even starting out is to establish  a C and then make a timely election there should be no change in FEIN and nothing further to modify as of election date. Your corporation will cease to pay corporate income tax as profit will pass through to shareholder.

QuickBooks Team

Re: How do I change my filing status from C corp to S corp in QB?

You came to the right place, johnjarrell.

 

I'm here to provide an overview about the process of changing business entity in QuickBooks Desktop. 

 

You can opt to create a new company file to operate your business under S corp. This helps the program recognize that there are changes with your tax forms and still have access to the C corp data come tax time. 

 

Refer to the steps below:

  1. Go to File at the top menu bar, choose Create a new company.
  2. Select Express Start or Detailed Start
  3. Fill out necessary information, like business name and industry. 
  4. Select S-Corporation as the company type and click Continue
  5. Follow the prompt to save the new details. 

Here's an article for more information:

 

Create QuickBooks Desktop company file

 

Once done, export all the lists (Chart of accounts, vendors, customers, employees, etc) from the old business's QuickBooks file and import them into the new one. Please note to consult with an accountant to ensure all your transactions balances, such as the fixed assets and equity section are set up correctly. 

 

I've added an article with a quick view about the file types and formats you can bring in to or out of the program:

 

Import/export overview 

 

These steps and resources can help you with the setting up of your new account. 

 

The Community is a great avenue to connect with accountants and other QuickBooks users. If you have other concerns, feel free to drop a comment below. I'll be around. 

Established Community Backer ***

Re: How do I change my filing status from C corp to S corp in QB?

I am going to suggest a different approach for a second company file for this situation. Use the copy company function to create an exact duplicate. In new company condense data, and edit the entity type as before. Thos will keep the old company for C corp tax forms and new S for forms going forward.  Like I said, you can keep history since your EIN does not change, only your forms you file

 

and hopefully you are choosing end of fiscal year for change ad it is easier to close out 

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