Hello,
My brother and I have an LLC parntership that we created and promptly did nothing with it. We definitely should have closed it years ago, but we haven't. We've filed the 1065 every year, but it's always all zeros and implies no operations for the tax year. In 2021, the IRS decided that we had filed it late for 2 prior tax years and charged penatlies. I promptly paid those out of my own personal account. Last year, the IRS realized they were wrong and refunded the payments plus interest.
Now we have a 1099-INT for $44 and I had to deposit the treasury checks by opening a new busines account because that's who they were payable to. I don't know what to do with this year's 1065. No money has been paid out to anyone. Do I list the cash as an asset and interest as income. If we have no distributions, can the K-1s still be all zeros?
