West Jordan Utah Form 1099-S Substitute Form 2017-2024

West Jordan Utah Form 1099-S Substitute Form: What You Should Know

Form 1065, Schedule K-1); for the 2 tax year that means filing your first Schedule K-1 as of January 1, 2018; Schedule K-1 and Schedule B (Form 1099-K) can also be filed by April 15, 2018. Form 8938 — Individual Income Tax Return If the LLC is a partnership and the LLC shares are held directly by partner, then Schedule K is filed at the partnership's tax return, for the year of the partnership's formation (rather than the day the partnership file its first return). Form 8938-S — Partnership Election (Form 5487) A partnership must elect not to be an S corporation by filing Form 8938-S; the Form 8938-S is then filed with the partnership's tax return; the partnership has until the last filing date of the tax year to make the election to become an S corporation. Form 8938-S is for partnership income that is reported on a partnership's tax return. Form 8938-S must be filed by the last day of the tax year for which an election to be an S corporation is to be made. If filing Form 8938-S and no election is filed by the last filing year, the partnership becomes a corporation for federal income tax purposes. Form 8938-S — Partnership Election (Form 5487) The partnership must file a Form 5487 by the last day of the prior taxable year, so that the partnership can change its status to a corporation, and the new corporation's tax will be taxed like any other non-corporate partnership. This form must be filed with the partnership's tax return(s); partner's must file Form 5487 by the last full day of the tax year(s), so that the partnership can change its state tax returns. Form 8938-S — Special Notice (Form 5490) A partnership must file a special notice before Form 5488 can be filed by the partnership on Schedule K. (This is a notice that can be attached to Form 5488. Form 5488 must be filed by October 15 if the change is to be made in partnership tax returns; if filing Form 5248-K, partnership will not change state tax returns.) Form 8938-S — Partnership Election (Form 5485) A partnership must file a Form 5485 by the last day of the non-tax year for which an election is to be made to become a corporation (that is, the most recent period when either corporation or partnership had partnership tax return filed).

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