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Deductions & credits
wrong, under IRS rules a multi-owner LLC must file a partnership return (or S-corp if that was elected). only single-member LLC's are disregarded entities and can avoid filing a separate tax return. non-LLC's where owners are H & W also don't have to file a partnership return.
don't ignore this. the penalties for failure to file can hit almost $5,000
from IRS 1065 instructions
Entities formed as LLCs that are classified as partnerships for federal income tax purposes have the same filing requirements as domestic partnerships
‎April 5, 2021
1:22 PM