LLC was formed in CA in 2010, $800 LLC fee was paid, but no taxes filed. No income was generated until 2011. No expenses. Is a single member LLC. Do I file Form 568 only? Do I need a schedule K?
Curtis Lamar Harrington JrTax LawyerLong Beach, CA ·
There may be some confusion. the $800 fee is a tax form fee, so if you paid it some tax was filed.
Other answers seem to think you indicated that YOU personaly paid no tax or filed no tax. Its unclear.
Basically, you have to pay a back tax and penalty for every LLC year you missed and since you are now looking at paying for 2011 (assuming a regular calendar tax year), you may not have missed any.
Single member LLC files a schedule C federally.
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Curt Harrington
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Your answer is going to depend on how the LLC was designated for tax purposes. If there was no designation made and you are a single member LLC then the IRS would classify you as a sole proprietorship (disregarded entity). Assuming this was the case, you would generally file a Schedule C along with your individual tax return. However, since you had net taxable earnings of under $400, you would not need to file a Schedule C for the LLC. Be advised, the answer to your question changes if you elected to be taxed as a corporation or partnership.
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As mentioned by the previous Attorney, the IRS treats a single member LLC as a sole proprietorship, which would require you to file a schedule C along with your form 1040 for your individual income tax return. Assuming you did not file your individual 2010 income tax return, this would be your filing requirement.
If the LLC was operating in 2010, but did not earn a profit, you are still required to file a Schedule C if the business income was $400 or more (Do not confuse business income with profit).
A schedule K would only be required if you were a two member or more LLC.
Also, if you have elected to be treated as a C or S corporation and have filed the applicable forms with the IRS, you would be required to file the form 1120 even if you did not make a profit.
See the attached link for additional information
