I have a c-corp that's the sole member of a subsidiary LLC. Would tax returns be consolidated under the C-Corp or would I file 2 separate returns? Can I use Turbotax?

Forum|Forum|6 years ago
June 5, 2019
3 replies
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I'm basically wondering if I can use Turbotax to file returns for my C-Corp and subsidiary LLC of which the C-Corp is the sole member. If I can, how can that be accomplished using Turbotax?

TurboTax Business Windows

Best answer by Rick19744

Definitely. You only file a single C corporation tax return.

Since the C corporation is the sole owner of the LLC, the LLC is considered a disregarded entity. In this context, the LLC is now treated as if it were a division of the C corporation.

Treating this as a division is different than if it were a subsidiary. If this were a subsidiary, the C corporation would be eligible to file a consolidated tax return. A division is just included in the C corporation activity and no consolidated return is filed.

Hopefully the above is clear and you understand the difference between the division filing and a consolidated return filing. Division filing is one single tax return. A consolidated return filing is multiple company returns that get pulled into one single consolidated tax return. The consolidated tax return filing is much more complicated.

Critter

Employee

I highly recommend you seek professional assistance to get educated in how the returns need to be filed and see what state rules also apply. Once you know how it needs to be completed the Turbo Tax program may be an option.

SweetieJean

Employee

TT Business will not run on a Mac.

Rick19744Answer

Employee

Definitely. You only file a single C corporation tax return.

Since the C corporation is the sole owner of the LLC, the LLC is considered a disregarded entity. In this context, the LLC is now treated as if it were a division of the C corporation.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.

dwood42

Since LLC's are due on 3/15 do you need to file an extension for these disregarded entities since the C Corp is not due until 4/15

LeticiaF1

Regarding ‌LLCs, the due date depends on how the businesses are taxed and also their fiscal year. ‌If the business is taxed as a partnership or an S-Corp and their fiscal year is January 1 to December 31, then you will need to file an extension for the business by March 17 of this year.‌ Businesses can also be an LLC and be taxed as a sole proprietor; in that case the due date this year is April 15.

You are correct that C Corps who follow the calendar year, have a due date of April 15.

For more information about business due dates and how to file business extensions, see the following TurboTax help articles: