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New Member
posted Jun 3, 2019 1:03:45 PM

I have a single member LLC. I had no business or financial activity in 2017 how should I file this

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1 Best answer
Intuit Alumni
Jun 3, 2019 1:03:47 PM

It is best to file a zero return for the business is there was no activity. You technically do not need to file a return, but it wil help the IRS piece together your tax history and future especially if you filed one for 2016 that had activity and one in 2018 for activity. 

2 Replies
Intuit Alumni
Jun 3, 2019 1:03:47 PM

It is best to file a zero return for the business is there was no activity. You technically do not need to file a return, but it wil help the IRS piece together your tax history and future especially if you filed one for 2016 that had activity and one in 2018 for activity. 

New Member
Jun 3, 2019 1:03:48 PM

What about if client never showed the single member LLC on Schedule C for last 3 years? There was no activity, thus, he never showed it. He had to pay settlement charges for a lawsuit against the LLC in 2018. Plus, he filed bankruptcy for the LLC in 2018. Can he claim the settlement charges on Schedule C for LLC?