If you’re reconsidering your business’s choice of entity due to tax reform, then the C corporation, partnership, or even sole proprietorship may be on your list.
If you are an S corporation currently, then you’ll have to terminate your S corporation election to switch to another business type.
With the switch, you need to consider:
How do I terminate the S corporation election correctly?
What are the tax consequences to me?
We’ll give you a detailed explanation of both.
And we’ll tell you a little-known way you can undo your S corporation with absolutely no tax consequence to you. (Yes, really!) ... Log in to view full article.