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FAQ
What form does a LLC have to file if it becomes a disregarded entity in themiddle of a tax year, Form 1065 or Schedule C?
Both. If a partnership ends because a partner or partners leave and theresone remaining person owning the entity then the partnership files a 1065 forthe period of time that there were multiple people involved and then aSchedule C for the remaining period when only one owner was left.These business tax returns will each be for part of the year. This isdesignated with dates at the top of the 1065 and the Schedule C will be markedas a “first time filing” for this business.
Tax Law: May a single member LLC use Form 1065 and Schedule K-1 instead ofSchedule C?
No you cannot file a singlemember LLC as a partnership. The only option thatyou have in this case is to make an election to be treated as a associationtaxable as a corporation by filing Form 8832 and then you can elect to betreated as either an Scorporation by also filing Form 2553. See LimitedLiability Company LLC on the IRS Web site.
If a husband-wife partnership have straightforward income and expenses (a fewthousand in profit), should they choose to file Schedule C rather thanSchedule K-1/Form 1065?
Barry has answered the question well but I would add that for the year of thespouses death she should file the 1065. In subsequent years the LLC becomesa single member LLC and as such she should file a Schedule C or make theelection to have the LLC taxed as an SCorp or CCorp. Given the complexity offiling and administrative overhead these are probably not the options ofchoice given the presumption that simplifying things is the goal. So in thefinal year of the LLC filing as a 1065 be sure to indicate final return.
The IRS sent me a form 1065, but I am a sole proprietor. Do I ignore this formand fill out a schedule C?
I would assume that you applied for an employer identification number andchecked the partnership box by mistake instead of sole proprietor. If this isthe case this requires you to obtain a new EIN.If you properly filled out the application for an EIN you can ignore the 1065notice.Your EIN acknowledgement letter from the IRS will state what type of returnthey expect you to file under the EIN.
As of August 2021. I am a sole member of LLC in CA that is DBA as a salon thatis run by my wife only in CA. Do I file schedule C or Form 1065 (or both) toreport Profit and Loss for salon business? I am not deriving any income fromsalon business.
Hi there I retrieved this information off the IRS website for you. Generallya singlemember domestic LLC is not treated as a separate entity for federalincome tax purposes. If you are the sole member of a domestic LLC fileSchedule C or CEZ or Schedule E or F if applicable unless you have electedto treat the domestic LLC as a corporation. See Form 8832 for details onmaking this election and for information about the tax treatment of a foreignLLC.