LLC as S.Corp filer

Forum|Forum|1 year ago
September 25, 2024
2 replies
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Which form do I need to file with my tax for my LLC which is S.Corp. Please note that I have 0 income from the business. I had some expenses to keep the business open but no income in the past two years. So far there is only me managing the business. thank you for your time.

KanchanM

For LLC which is an S Corp, you need to file Form 1120S, even if you had 0 income and some expenses. When you file that form, it will also generate Schedule K1 for all the shareholder/s of the S Corp (if you are the only shareholder managing the business, you will get one schedule K1). When you file your personal tax return, you need to also enter schedule K1 from the S Corp in your personal return.

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9542103959Author

Since I am late filing passed the 9/15/24 deadline, do I have to pay penalties and interest over the penalties? or do I still have until Oct.15, 2024?

I believe someone answered me before saying would include a link regarding this matter but I do not see the link. Would you please send it again?

ChelseaC1

You can request a first time penalty abatement for late filing on your S Corporation return after the penalty is assessed. The interest will only accrue on the balance due, so if you did not have any income you may not have to pay any interest on the business return. It is important you get the business return filed in enough time to add the K-1 to your personal return and avoid late filing for Individual Income Taxes which are due on October 15th.

ChelseaC1

You will need to file an 1120-S for your business. When you make the election for your LLC to be treated as an S Corporation then you are required to file a S corporation tax return.

You can get assistance with your business tax return or even have one of our experts file it for you here .

Thank you for your question and congratulations on your new business!