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Updated over 8 years ago,
Two conflicting CPAs
I have a CPA who I think is good. My business partner also has a CPA who he thinks is good, but they are giving conflicting advice. My partner and own a couple different LLCs together and would like the tax advantages of an S-Corp. I know there is a process to do that, but my question is if the owner of the LLC is an S-Corp would you get those tax advantages (no self employment tax). My accountant says we can just leave the llc we own together A LLC and change ownership from Josh and Keith to B s-Corp and C s-Corp and avoid self employment tax, but his says he isn't sure but that it doesn't sound right which gives me little confidence.
I am a little reluctant to change the tax election of A LLC due to my attorney's advice and it just being a pain. I'd really prefer to just change ownership. What do you guys think? And thanks in advance.
A great business idea is a legal and CPA shop in one. Why is this not a thing? I guess the same reason a property management software and accounting software aren't merged. So frustrating. Ha