Hi. The wife and I are the owners of an LLC and, since we've lived in Texas (a community property state), we've always treated it as a disregarded entity for Federal Tax purposes, filing under Schedule C.
In April, we moved to Tennessee, a non community property state. Questions:
- I suspect we now have to file Form, 1065 and K-1s?
- If so, do we need to notify the IRS of the change in entity treatment?
- Do we submit form 1065 and the K-1s for each of us owners simultaneously when filing the taxes in April? Or do we need to file 1065 first, then issue the K1s to the owners? Is the deadline March 31, not April?
Thanks in advance!