Can I at this point change my company type (tax form 1120) now to be effective 1/1/2020 to a sole proprietor (form 1040) or LLC (form 1065)?
I have filed to revoke election as an S-Corp and change my entity classification using Form 8832 to disregard my company as a separate entity, just not sure what I need to do in QuickBooks for accounting purposes.
Each business entity change is different and has its own unique set of conditions. I'm glad to guide you to the right support who can help you further with the process.
At this time, I would recommend getting in touch with our Support Team to help you with changing your company type. Also, a representative can backtrack the update and review your account securely since the change may affect some legal protections, tax savings, and ownership requirements.