Gail in Virginia Posted May 4, 2021 Report Posted May 4, 2021 I have a partnership that is converting to being taxed as an S-Corp. The Form 2553 will be filed by May 15, to make election effective March 1. Is the short year partnership return for January and February of 2021 also due by May 15? I don't think forms are available - can it be filed on 2020 forms? Any warnings from anyone who has done this? Quote
Abby Normal Posted May 4, 2021 Report Posted May 4, 2021 If you can't make it a late election effective 1/1/21, then yes the short year return is due May 15 (2.5 months after year end.). In ATX, you use the month/quarter tab to rollover the 2020 return to a short year 2021 return filed on 2020 forms. 1 Quote
Lee B Posted May 4, 2021 Report Posted May 4, 2021 I have a fairly new client doing the same conversion except that we filed the 2553 just in time to be effective 1/1/21. My question is how do you handle the balance sheet accounts in the equity section with respect to the changeover from a PTS to an S Corp? Quote
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