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mdrn_vn
Returning Member

I need to file taxes for LLC, Help!

I opened an LLC in California with my husband a couple of years ago. That business didn't work out so we now want to dissolve it. We were told we need to file taxes for 2019 and 2020 along with other fees etc. I am not sure how to go about it. We were told by the tax board that we need to submit a 568 Form and that this can be done through Turbotax or mailed in. These would be filed late of course but how do I go about it? Do i need to amend those years taxes? or file a different way as a business?

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5 Replies

I need to file taxes for LLC, Help!

your interests probably would best be served if you hired a tax pro.  under federal tax laws, even an H&W LLC is required to file an annual partnership return.  failure to file can result in penalties approaching $5,000 for each year. in addition, failure to file state returns and pay the annual franchise taxes can result in additional penalties besides the fees and taxes owed.  it is also quite possible that the filing of the federal and state returns would require your personal returns to be amended - depending on how you reported the LLC activity on your 1040's for those years. 

mdrn_vn
Returning Member

I need to file taxes for LLC, Help!

Thank you. The LLC is considered a "partnership" and it looks like I needed to have submitted that with our personal returns so I will have to amend those. Does anyone know how the LLC will actually be "filed." We filed our personal tax returns but didn't put any LLC info on there. Is there specific forms we need to submit for that ? Ive never amended my taxes before so im pretty lost here so I will reach out to a tax pro but just wondering if you guys know based on the info i provided.. 

I need to file taxes for LLC, Help!

Which state?  It matters if you are in Community Property State. Also see:

Election for Married Couples Unincorporated Businesses | Internal Revenue Service (irs.gov)

mdrn_vn
Returning Member

I need to file taxes for LLC, Help!

California

Carl
Level 15

I need to file taxes for LLC, Help!

You "really" need to seek professional help yesterday, if not sooner. The cost of professional help is going to be a pittance, compared to the fines, penalties and back taxes you may have to deal with on this matter. A professional may also be able to keep those costs down too.

 

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