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FAQ

My business partner and I have registered a LLC in Wyoming. We are a softwarestartup and have not yet made any income. Neither of us is a resident of theUSA and we do not operate the business from there, although in the future allour revenue for our software product will be from US businesses. What are ourobligations in regards to filing taxes for the LLC? Is it just form 1065? Dowe also need to file a personal tax return as I understand an LLC is a passthrough entity? Neither of us has an ITIN yet.
A partnership is a passthrough entity meaning all the profits andor losseswill flow through to you the individual owners. You do have to file a Form1065 for the LLC if you are choosing to be a partnership. Individual owners donot need an ITIN to file a 1065 however assuming you and your partner areboth actively involved in operating the business you may still be subject toUS tax and be required to file a 1040NR. Filing a 1040NR would require you toobtain an ITIN. The problem is your earnings from the partnership is incomethat is effectively connected to a US business. Another option is to have the LLC taxed as a CCorporation which is not apassthrough type of entity but taxes all the profits at the business level.The downside to you is that to get funds out of the business you have to payyourself either wages independent contractor fees or dividends. There arepros and cons to all those types of payments and is probably beyond what Icould discuss here as it really depends on your unique situation but therecan be some tax saving opportunities as a nonUS resident owner of a business. Even though you do not have any earnings I would not say it is premature tohire an accountant as decisions you make now can have long lasting impact onyour future earnings and taxes from the business. Unfortunately as a multimember LLC there is no way for you to not file a taxreturn. The only LLC that is not required to file a US federal tax returnevery year is one that is a single member disregarded entity with less than400 of profits. Every other tax form of an LLCpartnership Scorp or Ccorpis required to file a tax return.
Tax Law: May a single member LLC use Form 1065 and Schedule K-1 instead ofSchedule C?
If you have to file business taxes as a sole proprietor or singlemember LLCwhich is taxed as a sole proprietorship you must and should use Schedule Cto determine the net income of your business.If you are filing business taxes as a partner in a partnership or member of amultiplemember LLC which is taxed as a partnership you will use Form K1to determine the net income of your business. Form K1 information is obtainedfrom the partnership tax return Form 1065
If a partnership (LLC) does not make enough profit to be taxed, should thecompany still file an information return (Form 1065)?
Sure I can address tax issues here. Generally every tax partnership files areturn as noted in Section 6038a. However one exception does exist. AsTreasury does not require a domestic partnership with no income deductionsor credits to file a return Treasury Regulation Section 1.6031a1. Heredomestic means the LLC has been formed in a particular state in the UnitedStates.Partnership tax returns are due 15th day of the third month after year end.The partnership may extend the filing date by five months by filing anextension by the due date Treasury Regulation Section 1.60812a1. Thisextension also applies to the reporting requirements for the withholding taxfor foreign partners but not any taxes due Treasury Regulation Section1.14463b. If the partnership files the return late with no extension inplace Treasury will assess a 200 penalty per partner per month against thepartnership Section 6698.As we realize a tax matters partner may need additional time for filing a morecomplete and accurate return. Though we handle this issue by filing theextension allowing more time for completing the return.If the tax matters partner has not filed for an extension we may attempt toalleviate the penalty by using a reasonable cause tax law allowance underSection 6698a based on meeting IRM 20.1 requirements and Treasury RegulationSection 301.66511c.I have completed the above the analysis based on primary tax law. If the factsituations changes in any the tax results may change considerably. www.rst.tax
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.
Taxes in the United States of America: Is not filing a final form 1065 ok ifthere was no income and no expenses deducted in the year the LLC partnershipwas dissolved?
No its not okay.How is the IRS supposed to know youre no longer in business if you nevertell themYou probably dont want them coming after you five years from now asking youfor the past five years worth of tax returns.I suggest filing a return with all zeros remembering to check the box finalreturn.
Do foreign members of a CA LLC need to file any tax forms apart from 1065 andCA 568?
When there is a foreign partner in an LLC that partner must have a USTaxpayer Identification Number “ITIN” and file a US income tax return. Thismust be obtained if the LLC is engaged in a US trade or business i.e. if itwill make money. The foreign partner of the LLC will be deemed to be engagedin a US trade or business and the LLC must withhold 35 of its profits fortaxes paid and filed on a quarterly basis to the IRS. United States Tax lawsrequire that foreigners pay taxes on any earnings made in the United States.Regardless of immigration status the United States will allow foreigners toform a company as long as they have registered for a Taxpayer IdentificationNumber. The process to register is not complex but it can be lengthy. Oncethe application is submitted it can take up to 18 weeks for your TaxpayerIdentification Number to be assigned.Even though the partnership itself does not pay income taxes it must fileForm 1065 with the IRS even if there is no profit. This form is aninformational return the IRS reviews to determine whether the partners arereporting their income correctly. The partnership must also provide a ScheduleK1 to the IRS and to each partner which breaks down each partner’s share ofthe business’s profits and losses. In turn each partner reports this profitand loss information on their individual tax return. A significant issue tomention is that the LLC cannot chose to be taxed as an S corp. since foreigncitizens may not be partners or owners in an Scorporation in accordance withUS law. It may however choose to be taxed as a Ccorporation the standarddefault familiar corporation we all know about.
I had a small business in 2014; it is a two member LLC. I filed Schedule K1for last year with my personal tax return and my partner did the same thing asme. Do we still have to file a Form 1065 separately?
You do have to file a 1065 for the partnership. Presumably that is where youcame up with the K1. If you created a K1 without also filing the 1065 youhave a problem. As long as you are using the K1 with the personal return that matches the K1you sent in with a 1065 no problem.