Dissolving partnership to become sole proprietor.

[schirallicpa]

.....ugh.....do I have to change the FEIN for payroll............  It was a husband and wife and the husbands health issues have caused him to step down.  So it makes sense to dissolve 1065 and move to Sch C.  But I'mma gonna have ta change the payroll stuff, aren't I........

I want to dissolve with the 2020 return (which is on extension).  But 1st quarter payroll has been filed under Partnership EIN.  Have we waited to long to change now?

 

 

[Lee B]

I don't know what kind of assets the pts owns, but if the husband is still alive what is the logic for dissolving the partnership right now ?

Given what you have posted so far, I would probably wait until the end of 2021 to switch over the payroll and the pts at the same time.