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codercoder
Level 1

Send final return last year but did not dissolve the LLC

Hi guys

 

I have an LLC in New York State. I sent my final return last year (2018) by marking final in federal and state income forms.

 

However, I did not dissolve the LLC by sending in form to NY State,

 

1) Do I need to file a return this year (for 2019)?
2) I would like to keep the LLC. In that case, what should I do with IRS since I marked my return final last year.

1 Best answer

Accepted Solutions
DavidS127
Expert Alumni

Send final return last year but did not dissolve the LLC

Yes you need to file tax returns for 2019, because the business is continuing.

 

You can file amended returns for 2018, with the only change being that the "Final" box is not checked on the amended returns.  Include an explanation, e.g., that you decided to continue in business.

 

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3 Replies
DavidS127
Expert Alumni

Send final return last year but did not dissolve the LLC

Yes you need to file tax returns for 2019, because the business is continuing.

 

You can file amended returns for 2018, with the only change being that the "Final" box is not checked on the amended returns.  Include an explanation, e.g., that you decided to continue in business.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

codercoder
Level 1

Send final return last year but did not dissolve the LLC

Thanks @DavidS127 

 

Just to clarify, last year I filed a 1120s. I will file the same form and check H4 (Amended return).

Where do I include an explanation?

DavidS127
Expert Alumni

Send final return last year but did not dissolve the LLC

If your tax software doesn't automatically provide you with an "explanation" window for the amended return as a part of the interview, you can create one.  To do that in TurboTax Business "Forms mode" you can open an "Additional Information" form and type in the explanation.  That Additional Information form will then print with the rest of the tax return, and you can include it when you mail the tax return.

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