LLC Tax Return in the State of KY

[shalinpatel]

I registered a LLC in the state of KY in 2012. I have not used that LLC to conduct any business or any transaction to and from that LLC. I was aware that I have to submit an annual report. I have been submitting that annual report regularly. I was not aware that though I am not using that LLC for any business, I am obligated to file a tax return. I have not filed a single tax return for that LLC since 2012, and now I am getting notices from the department of revenue for late penalties. I want to close that LLC now. Do I have to file all the tax returns since 2012 for zero dollars? Does TurboTax can help me file all the returns since 2012?

[DavidS127 · Accepted solution]

More information may help resolve your issue.  For example, is your LLC a "single member LLC" or does it have multiple members?  And did you ever file an election with the IRS to treat the entity as a corporation for tax purposes?

Single member LLCs in Kentucky are required to file Form 725, Kentucky Single Member LLC Individually Owned Income and LLET Return.  The penalty for failure to file by the due date is a percentage of the tax due, with a minimum penalty of $10. 

You don't need to file the federal tax returns, because you didn't have any business activity (no income or expenses).

I recommend contacting the Kentucky Department of Revenue for guidance on your situation, and then to the extent required, complete a "manual" Kentucky Form 725 using the forms from the Kentucky website.

The 2019 Kentucky Form 725-EX is at this link, and the Instructions for Form 725 are at this link. Previous year Kentucky tax forms are available at this link, which also has a "Get Help" feature.

[Carl]

You really need to stop wasting your time in this public user-to-user forum for your specific issue. For starters, TurboTax only supports their software for the current tax year and three years back. Since your issue goes back 8 years, you need to seek professional help yesterday, if not sooner. Your issue is to serious to be playing around. Get professional help ASAP! The longer you take, the more it's going to cost you in fines, penalties and late fees.