Tallie LLC questions 1-31, #1

[Tallie]

1. What are the immediate steps I need to take to bring my LLC up to date with tax filings and compliance requirements on TurboTax, considering it was established in 2010 but never filed before?

[KimberW]

Your LLC would need to gather up reports of its income and expenses for each of those ten years. You will file amended personal returns to report the additional information for each year -- adding a Schedule C to your tax return.

If you owe additional taxes for any year due to the amendment, you would also owe interest -- and potentially penalties for underpayment, depending on the amounts due.

To claim a refund for any year, though, generally you must file Form 1040-X within 3 years after the date you filed your original return or within 2 years after the date you paid the tax, whichever is later.

TurboTax Online is only available for the current tax year (TY2023). TurboTax Desktop software is available for the current year and the three most recent years (TY2020-TY2023).

You can reach out to one of our Verified Pros for help with all of the outstanding returns that you have, including the older years.

Thank you for participating in this event!

-- KimberW

[rjs]

@Tallie 

Since you have a large number of questions, years of unfiled taxes, and some complex issues, you should be working with a local tax professional. The taxes for your LLC are not a do-it-yourself project.