
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
since you filed for an extension, you have until 9/15/2019 to file without penalty. after that late filing penalties are about $200 per month per member.
I would treat the expenses paid by H&W as a capital contribution to the LLC.
section 195 - start up costs
the taxpayer shall be allowed a deduction for the taxable year in which the active trade or business begins in an amount equal to the lesser of
from form 1065 instructions
Domestic Partnerships Except as provided below, every domestic partnership must file Form 1065, unless it
neither receives income nor incurs any expenditures treated as deductions or credits for federal income tax purposes. Entities formed as LLCs that are classified as partnerships for federal income tax purposes have the same filing requirements as domestic partnerships
so I would say technically if the LLC did not begin doing business 2018 there would be no allowable 195 deduction. if no other deductions for 2018, and no income (loans are not income), then a return would not be required.
having said all that, you filed an extension so the IRS may issue you a notice as to why you didn't file a 1065
I would avoid the headache and file.