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what is the tax status of the business - sole-proprietorship or single-member LLC, multimember LLC or partnership, S or C corporation.
It's a single member LLC.
This sounds like you made a taxing election for the LLC to be considered either a C or an S corporation for tax purposes, (because if you didn't, it's a disregarded entity, sole proprietorship, and I've never heard of the IRS asking for a Schedule C of $0 to be filed in this scenario). If you did make such an election, you would want to file the corresponding return, either an 1120-S or an 1120. It won't have any income, but there are still details to report on the return.
When you got the EIN the IRS confirmation notice told you what form you had to file and when ... what exactly does that notice say?
Yes, you are right. Yes, it's an S-corporation. Thank you.
Form 2553,Election by a small business corporation.
Crud ... you are VERY late. A return MUST be filed every year by 3/15 until you close the business. File the form now ASAP and beg forgiveness from the penalty and promise to never do it again.
Ok,thank you.
Apart from Form 2553, do I have to add Form - 1120s? Also,what about the F&E minimum tax return, that I have to pay $100?
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