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Get your taxes done using TurboTax
I agree with TGB in that consulting with a tax professional would be a good idea to get you started in the right direction from a tax perspective. The following will help you understand how all this works:
- Your LLC is a multi-member entity and under the default classification rules will be taxed as a partnership. This means that the LLC needs to file Form 1065 and provide each member with a Schedule K-1.
- While the form 1065 is informational, the schedule K-1 is what each member uses in preparing their personal tax return.
- At this point, you are late on filing the entity 2015 form 1065 and schedule K-1 for each member.
- Each member's form 1040 for 2015 will need to be amended to include the Schedule K-1 information.
- The form 1065 needs to be prepared and submitted to the IRS regardless of whether the entity has a profit or loss.
- Finally, an even more complicated issue will be the impact of what is known as "click-through nexus". You need to have someone that understands this provide you with some direction. States are getting more sophisticated and in need of sales tax and are getting more aggressive in their pursuit to add to the bottom line (or at least less negative).
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
May 31, 2019
6:24 PM