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Old 10-18-2015, 01:22 PM
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IRS notice

Here is an IRS notice that I received. Th form I filed was not correct, but I am still okay? That is, I need not do anything else?

https://drive.google.com/file/d/0B_c...ew?usp=sharing

Anyone agree?



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Old 10-18-2015, 08:42 PM
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Originally Posted by juro View Post
Here is an IRS notice that I received. Th form I filed was not correct, but I am still okay? That is, I need not do anything else?

https://drive.google.com/file/d/0B_c...ew?usp=sharing

Anyone agree?
You are the single owner of an LLC , SMLLC I mean, always have been, and filed a LLC form 1065 with a 1 owner Sc h k-1 for the tax year of 2014, so, , by now, you probably realized that all partnerships must have at least two entities as owners to file from 1065. So,. You need to go back to the tax year of 2014 when you first started the SMLLC and amend your 2014 return. For the year of 2014 in which the 1065 was filed, file an amended 1065 putting zeros everywhere. This will effectively remove it from existence. Then, for your personal return, if you already put all items of income and expense on a Sch C( you should report your biz income/expenses on SCh C of 1040 as a SMLLC owner), you are good to go. If you put them on a Sch E , you'll need to amend your personal tax returns as well moving everything to the Sch C an salso aslongas the amt on SCh SE l ine 2 / 3 is $400 or exceeds $400, you must pay self employment taxes to the IRS and you can claim are allowed to claim half of that self employment on your return on 1040 line 27.



You may get a new EA or CPA doing taxes in your local area to correct the 2014 1065 and your 1040.



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Old 10-18-2015, 09:25 PM
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The IRS says "in the future..." which is ambiguous to me. Do they just mean in future tax years starting in 2015?



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Old 10-18-2015, 09:55 PM
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The IRS says "in the future..." which is ambiguous to me. Do they just mean in future tax years starting in 2015?



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Old 10-18-2015, 09:57 PM
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Originally Posted by Wnhough View Post
You are the single owner of an LLC , SMLLC I mean, always have been, and filed a LLC form 1065 with a 1 owner Sc h k-1 for the tax year of 2014, so, , by now, you probably realized that all partnerships must have at least two entities as owners to file from 1065. So,. You need to go back to the tax year of 2014 when you first started the SMLLC and amend your 2014 return. For the year of 2014 in which the 1065 was filed, file an amended 1065 putting zeros everywhere. This will effectively remove it from existence. Then, for your personal return, if you already put all items of income and expense on a Sch C( you should report your biz income/expenses on SCh C of 1040 as a SMLLC owner), you are good to go. If you put them on a Sch E , you'll need to amend your personal tax returns as well moving everything to the Sch C an salso aslongas the amt on SCh SE l ine 2 / 3 is $400 or exceeds $400, you must pay self employment taxes to the IRS and you can claim are allowed to claim half of that self employment on your return on 1040 line 27.



You may get a new EA or CPA doing taxes in your local area to correct the 2014 1065 and your 1040.
The IRS says "in the future..." which is ambiguous to me. Do they just mean in future tax years starting in 2015?



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Old 10-19-2015, 12:27 AM
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Originally Posted by juro View Post
The IRS says "in the future..." which is ambiguous to me. Do they just mean in future tax years starting in 2015?
I guess so. So, you also need to file Sch C/SE in future tax years starting in 2015 UNLESS your SMLLC is treated as MMLLC. I know what you mean. too many many ambiguities in tax rules.And also not all of the IRS agents are reliable. As said you need to amend your return.



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