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FAQ

Can final K-1s be issued to investors if the actual Form 1065 return is not officially filed? The CPA is saying he will hand out K-1s now, but not file the return for 3 months, although numbers will not change (he is only missing a partner ID).
Technically it is not final if not filed. However, due to the due date of Partnership filings, especially complex partnerships, it is not unusual to use a pro forma K1 especially if the taxpayer is chomping at the bit to file the 1040 or 1120. I worked for a company that received over 1600 k-1s, most after the extended due date of the 1120. Just use the best estimate possible.
In California, can someone shut down an LLC before the $800 franchise tax is due on the 15th day of the 4th month?
One can cancel a California limited liability company before the 15th day of the fourth month. However, such cancellation will not eliminate the obligation to pay the $800 annual franchise tax.Form FTB 3522 states:Every LLC that is doing business in California or that has articles of organization accepted or a certificate of registration issued by the SOS is subject to the $800 annual tax. The tax must be paid for each taxable year until a certificate of cancellation of registration or of articles of organization is filed with the SOS. Get FTB Pub. 1038, Guide to Dissolve, Surrender, or Cancel a California Business Entity, for more information.FTB Publication 1038 states:Your entity may avoid the minimum franchise or annual tax for current and subsequent taxable years if you meet all of the following requirements:Timely file your final franchise or annual tax return, including extension, for the preceding taxable year.Must cease doing or transacting business in California after the last day of the preceding taxable year.File the appropriate documents with the SOS within 12 months of the filing date of your final tax return.In the scenario posed by the OP, those requirements will not be met, thus the $800 annual franchise tax must be paid.
If a partnership (LLC) does not make enough profit to be taxed, should the company still file an information return (Form 1065)?
Sure, I can address tax issues here. Generally every tax partnership files a return as noted in Section 6038(a). However, one exception does exist. As Treasury does not require a domestic partnership with no income, deductions, or credits to file a return (Treasury Regulation Section 1.6031(a)-1). Here domestic means the LLC has been formed in a particular state in the United States.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 an extension by the due date (Treasury Regulation Section 1.6081-2(a)(1). This extension also applies to the reporting requirements for the withholding tax for foreign partners but not any taxes due (Treasury Regulation Section 1.1446-3(b)). If the partnership files the return late with no extension in place Treasury will assess a $200 penalty per partner per month against the partnership (Section 6698).As we realize a tax matters partner may need additional time for filing a more complete and accurate return. Though, we handle this issue by filing the extension allowing more time for completing the return.If the tax matters partner has not filed for an extension, we may attempt to alleviate the penalty by using a reasonable cause tax law allowance under Section 6698(a) based on meeting IRM 20.1 requirements and Treasury Regulation Section 301.6651-1(c).I have completed the above the analysis based on primary tax law. If the fact situations changes in any the tax results may change considerably. www.rst.tax
What happens if I have two W2 tax forms (from two different workplaces) and I file only one of them this year and file the other one next year? Is this allowed?
Bottom line: Never ever not report income the IRS knows you have earned. It's incredibly high probability (I think almost certain) they will enforce action before the statute of limitations runs out.IRS will likely come after you.  W-2's are easy, low-hanging fruit to them. When you get a W-2, the IRS (and likely your state tax authority) also get a copy of the same information.  (This also applies to certain other informational forms and returns like a 1099-MISC, 1099-K or 1065 Partnership Return).If the IRS knows you have W-2 income, they are going to be looking for it to be on your return.Most people think if they file their return and they don't hear back in a month or even a few months that they "got away with it." The reality is that the IRS can come after you as late as 3 years after the due date of that return (so if you are filing 2013 taxes, which are due April 15th, 2014, the IRS can come after you - in most circumstances - as late as April 15th, 2017).In my experience, IRS will likely "mail audit" you where they show you that they were looking for the W-2 and you didn't put it on there.  They will "suggest" your new income and tax liability after including that income on your return, and expect you to pay the difference.  You can expect interest and potentially underpayment penalties, and if the amount is large enough or they perceive your intentionally trying to evade taxes, then they can issue further accuracy-related penalties on you.
When are private foundations required to file form 990? And when does the IRS make it publicly available?
Private Foundations file a Form 990PF. Public Charities file a Form 990. Both may need to file a Form 990T if they have Unrelated Business Taxable Income (UBTI).The Form 990PF is filed on the 15th day of the 5th month following the year end of the foundation. For a December 31 year end foundation, it would file by May 15th of the following year. The Form 990PF filing deadline can be extended for 3 months and then for another 3 months. Many private foundations have fiscal years that are different from the standard calendar year.What is Form 990 or 990-PF? How can I learn about using them?The Form 990PF and Form 990 are governed by IRS Disclosure Regulations.https://www.irs.gov/charities-no...Public Disclosure and Availability of Exempt Organizations Returns and Applications: Documents Subject to Public DisclosurePublic Disclosure and Availability of Exempt Organizations Returns and Applications: Documents Subject to Public DisclosureWhat tax documents must an exempt organization make available for public inspection and copying?An exempt organization must make available for public inspection its exemption application. An exemption application includes the Form 1023 (for organizations recognized as exempt under Internal Revenue Code section 501(c)(3)), Form 1024 (for organizations recognized as exempt under most other paragraphs of section 501(c)), or the letter submitted under the paragraphs for which no form is prescribed, together with supporting documents and any letter or document issued by the IRS concerning the application. A political organization exempt from taxation under section 527(a) must make available for public inspection and copying its notice of status, Form 8871.In addition, an exempt organization must make available for public inspection and copying its annual return. Such returns include Form 990 , Return of Organization Exempt From Income Tax,Form 990-EZ , Short Form Return of Organization Exempt From Income Tax, Form 990-PF, Return of Private Foundation, Form 990-BL , Information and Initial Excise Tax Return for Black Lung Benefit Trusts and Certain Related Persons, and the Form 1065 , U.S. Partnership Return of Income.A section 501(c)(3) organization must make available for public inspection and copying any Form 990-T, Exempt Organization Business Income Tax Return, filed after August 17, 2006. Returns must be available for a three-year period beginning with the due date of the return (including any extension of time for filing). For this purpose, the return includes any schedules, attachments, or supporting documents that relate to the imposition of tax on the unrelated business income of the charity. See Public Inspection and Disclosure of Form 990-T for more information.An exempt organization is not required to disclose Schedule K-1 of Form 1065 or Schedule A ofForm 990-BL. With the exception of private foundations, an exempt organization is not required to disclose the name and address of any contributor to the organization.A political organization exempt from taxation under section 527(a) must make available for inspection and copying its report of contributions and expenditures on Form 8872, Political Organization Report of Contributions and Expenditures. However, such organization is not required to make available its return on Form 1120-POL, U.S. Income Tax Return for Certain Political Organizations.Most Forms 990 and 990PF are available on Guidestar a short time after they are filed with the IRS. Some Schedules attached to the Forms are not subject to public disclosure.GuideStar nonprofit reports and Forms 990 for donors, grantmakers, and businesses
When should we file ITR (Income Tax Returns)?
Hello,As far as Indian Income Tax Laws concerned, primary requirements to file IT Return are Accrual/Arisal of Income in India, Having PAN and Being registered on Income Tax Site.As per section 139, an Individual needs to file Return of Income only if his Income during the Respective Financial Year exceeds Basic Exemption Limit i.e. INR 2,50,000 for FY 2018-19 (INR 5,00,000 for FY 2019-20).You can start filing IT returns once the FY get completed means from the very First Day the of Next Year till the Last Date which is called as Due Date, as applicable to you. (say, it's 31st July for Individuals). You can file it after Due Date also subject to Applicable Interest/Penalty.However, in India, IT Return Forms get changed each year to give the effect of Budget Amendments hence though you are eligible to start filing From 1st April as per Law, you need to wait till the Amended Forms get notified by Government.(Note: This answer is written Totally in General Context as IT Return Filing Criteria, Due Dates, etc. totally depends upon Nature of Person, Residential Status, Nature of Income and Other Various Factors as laid down in Income Tax Act, 1961 read with Income Tax Rules, 1962.)Happy Reading. Stay Tuned. Stay Updated.
How do I file form 8938F? I forgot to file the US tax return in April, is there a penalty for this? How do I avoid the penalty?
Note: I am assuming by Form 8938F you mean to say Form 8938 and the answer has been structured accordingly.What is Form 8938?Form 8938 is used to report your specified foreign financial assets if the total value of all the specified foreign financial assets in which you have an interest is more than the appropriate reporting threshold.When and how to file Form 8938?Attach Form 8938 to your annual return and file by the due date (includingextensions) for that return.An annual return includes the following returns.- Form 1040.-Form 1040NR.-Form 1041.-Form 1041-N.-Form 1065.-Form 1120.-Form 1120-S.A reference to an “annual return” or “income tax return” in the instructionsincludes a reference to any return listed here, whether it is an income tax returnor an information return.What are the Reporting Thresholds?i. )Specified individuals living in the US:Unmarried individual (or married filing separately): Total value of assets was more than $50,000 on the last day of the tax year, or more than $75,000 at any time during the year.Married individual filing jointly: Total value of assets was more than $100,000 on the last day of the tax year, or more than $150,000 at any time during the year.ii.) Specified individuals living outside the US:Unmarried individual (or married filing separately): Total value of assets was more than $200,000 on the last day of the tax year, or more than $300,000 at any time during the year.Married individual filing jointly: Total value of assets was more than $400,000 on the last day of the tax year, or more than $600,000 at any time during the year.iii.) Specified domestic entities:Total value of assets was more than $50,000 on the last day of the tax year, or more than $50,000 at any time during the tax year.Penalty in case of non-filing or late filing of Form 8938:If you are required to file Form 8938 but do not file a complete and correct Form 8938 by the due date (including extensions), the penalty of upto $10,000 can be imposed.Since in your case you have failed to file Federal Income Tax Return and forgot to apply for automatic extension in the form of applying the Form 4868, you do not have much chance to avoid penalty. However, you can only avoid it by paying what is due as of now.For further information and assistance in filing of Form 8938 email us at taxation@acountify.comAcountify is a virtual accounting and taxation services firm providing affordable monthly virtual accounting and tax preparation services.
Do members of an LLC taxed like a partnership that has two non-resident aliens as its only members need to file their 1040 and K-1 forms if the business has no US-sourced (or any) income that year? Can filing the 1065 also be skipped?
Sure, I can address tax issues here. Generally every tax partnership files a return as noted in Section 6038(a). However, one exception does exist. As Treasury does not require a domestic partnership with no income, deductions, or credits to file a return (Treasury Regulation Section 1.6031(a)-1). Here domestic means the LLC has been formed in a particular state in the United States.A non resident alien person files a 1040 Non Resident tax return and pays taxes if the person has effectively connected income coming from a United States Trade or Business (Section 871(b). And the LLC’s business (tax partnership) represents the non resident alien’s business (Section 875). And, non resident person still files a tax return reporting $0 taxable income if he/she has United Trade or Business. (Treasury. Regulation Section 1.6012-2(b)(1)(i).However, a non resident with only a partnership interest where such partnership has zero activity as noted above, has no 1040 non resident filing requirements as the person’s scenario does not fit the previous paragraph requirements.So, based on your direct situation only as noted in your question, the LLC tax partnership is not required to file and the two non residents individuals do not file a 1040 non resident tax return.Looking at this situation for the coming year. Say, the LLC tax partnership has effectively connected income coming from a United States Trade or Business. Then the tax partnership files and the individual non resident alien partners file 1040 non resident returns.Further, the tax partnership withholds taxes on each partner’s share of income from the partnership under Section 1446. This means the partnership withholds taxes on the income allocated to each partner. Then, the non resident person files a 1040 non resident return and either pays any additional tax due or receives a refund if the partnership withheld more than the individual actually owes in taxes.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 an extension by the due date (Treasury Regulation Section 1.6081-2(a)(1). This extension also applies to the reporting requirements for the withholding tax for foreign partners but not any taxes due (Treasury Regulation Section 1.1446-3(b)). If the partnership files the return late with no extension in place Treasury will assess a $200 penalty per partner per month against the partnership (Section 6698).I have completed the above the analysis based on primary tax law. If the fact situations changes in anyway, the tax results may change considerably. www.rst.tax