- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Tax return question re LLC
Posted on 2/19/14 at 12:20 pm
Posted on 2/19/14 at 12:20 pm
I've got a subchapter S LLC that was active in 2012. I never went through the formality of dissolving it because I may use it again down the road, but not in the next year or so for sure.
So in 2013 it had 0 income, 0 expenses. Questions:
(1) I've been told I need to file a 0 return for it. Is that true? What happens if I don't?
(2) If I do need to file it, how hard is that? Is it something I can do in turbo tax myself?
So in 2013 it had 0 income, 0 expenses. Questions:
(1) I've been told I need to file a 0 return for it. Is that true? What happens if I don't?
(2) If I do need to file it, how hard is that? Is it something I can do in turbo tax myself?
3
Posted on 2/19/14 at 1:45 pm to rmc
You are required to file a return for every year, including the year dissolved (short year return if not dissolved on year end date).
You don't need to use turbo tax. you can download the forms from irs.gov. Just use the 2012 return to help you answer all of the questions.
You don't need to use turbo tax. you can download the forms from irs.gov. Just use the 2012 return to help you answer all of the questions.
Posted on 2/19/14 at 2:34 pm to rmc
quote:
(1) I've been told I need to file a 0 return for it. Is that true? What happens if I don't? (2) If I do need to file it, how hard is that? Is it something I can do in turbo tax myself?
yes, if you don't, expect a hefty penalty.
Posted on 2/19/14 at 2:40 pm to rmc
Thanks for the replies. This may make me lean towards dissolving it. I'll just have to pay the $100 to start another LLC in the future.
Posted on 2/19/14 at 3:31 pm to rmc
The penalty for not filing an S Corp return is so much per month, per shareholder.
It's really not hard to fill out the forms for a zero return. There is usually a small cost in dissolving the LLC with the state. Further, the dissolution will be in 2014, so you will be required to file a 2013 return AND a 2014 return (next year).
It's really not hard to fill out the forms for a zero return. There is usually a small cost in dissolving the LLC with the state. Further, the dissolution will be in 2014, so you will be required to file a 2013 return AND a 2014 return (next year).
Posted on 2/19/14 at 3:36 pm to LSUFanHouston
I'm probably going to have my CPA do my returns again this year. I was contemplating doing them on my own as my tax situation is way less complicated this year (or so I thought). I will see how the 0 return looks this year and may take a stab at it next year (and in the future if I don't dissolve). I just don't want him charging me full price for a 0 return. 
This post was edited on 2/19/14 at 3:37 pm
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News