asked

I have an old client whose single-member LLC was mistakenly classified as a corporation and has been filing an 1120. I believe it would be better to revert to filing the income/expenses on a Schedule C for his 1040. What are the steps to achieve this, and do I need to file any specific forms with the IRS to cancel/convert the 1120 back to an LLC/Disregarded Entity?

February 2nd, 2024

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