Forums: Discussions for entrepreneurs and small business.

If my articles of organization was created on Nov 6 2006, do I have to file fed income/state taxes for 2006? I got my FEIN in 2007.

What type of entity was created? What is the fiscal year for the entity?

A corporate federal income tax return is generally due by the 15th of the third month after the year end.

You are required to file a return even if you did not have any taxable income.

~Roland

 

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It was an LLC, disregarded. I dont know about the fiscal year. I think it may have been the normal jan-dec year.

Anyone know?

Yeah, it ends on dec 31

If you`re a disregarded entity then you report your LLC activities on Schedule C of Form 1040, which was due April 17, 2007.  If you extended your individual tax returns then it is not late.  If you already filed your tax return, then you should amend it to include the activities of your LLC.


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Gina L. Gwozdz, CPA
http://GLGcpa.com
http://TaxTreasures.com

Thats not really the question... My question is:

If my LLC was created (articles of organization) on nov 6 2006... do I have to file taxes for 2006 even if I didnt sale anything....

Oh, and if I do... I am late... any idea on how much the late fee is? Also, I heard that if you have deductions, you dont have to pay a late fee, is that true?

BTW, I didnt work in 06 so I didnt file a 1040

Since, it sounds like you are a Single Member LLC and your business was formed on November 6, 2006, you would file a Schedule C attached to your Federal 1040. On this schedule C, you would show business activity for the period between November 6 - December 31st. Although, you could have had start-up and organizational expenses which would have occured prior to the November 6th LLC formation date. You are able to expense the first $5,000 of start-up and organization expenses. However, in your case it looks like you missed the deadline to elect to expense the first $5,000. In that case, any start-up or organizational expenses you incurred will have to be amortized/expensed over a period of not less than 15 years. You must have had some expenses related to the formation of this new venture. Correct?

Additionally, if you are not required to file a Federal 1040 tax return according to the IRS rules and regulations regarding "Who Must File a Return" , then there is nothing you need to do. If you had formed a corporation or partnership, there would be Federal and State tax filings for these business entities regardless of whether or not you had any sales.

Have I fully answered your questions?

 

 

 

 

Single member LLCs that are wholly owned by a

foreign corporation or individual would be classified

by default as a disregarded business entity and

would be invisible for U.S. federal tax purposes.

Consequently, the foreign corporation or individual

would not have to file a tax return if the LLC

receives no passive income from U.S. sources

and/or receives no income effectively connected to

a trade or business in the U.S