It depends but if this is a single member LLC
that was created for the same business as your sole proprietorship
business, then no additional reporting requirements are necessary.
Simply report the full year's business income and expense on your Schedule C.
This is due to the fact that the IRS considers a single member LLC as a
disregarded entity for income tax purposes so you would just file the total tax
year's business income and expense (both before and after the single member LLC
creation) on the same Schedule C (or Schedule E is a rental property LLC) as
though no change took place.
For more information
see Single
Member Limited Liability Companies
However, if this is a multi-member LLC (except
for a community property state husband and wife LLC that elects disregarded
filing status), then this LLC will need a separate business filing. In this
case, you will need to report that this is your final Schedule C for your
sole proprietorship business and report LLC income and expense as separate from
your prior sole proprietorship business income and expenses. Depending on the
form of this new multi-member LLC, you will need to report any K-1 (if a
partnership) or dividend income (if C Corp) from the new LLC separately on your
income tax return.
Yes
No
