Home > Research Legal Advice > Tax > Form 1065 needed or not needed? I created a LLC in Dec 2008. I'm the sol...
Asked over 3 years ago - Seattle, WA
Flag
I got a letter from the IRS saying I was late filing the 1065 for my LLC. (Filed on Sept. 15th) so I need to pay a late fee of $900.00.
I'm almost sure I did a extension but can't find the confirmation but that's another issue.
After receiving the late notice, I then got another letter from the IRS saying:
They received my 1065 and it doesn't not meet the requirement for partnership return as defined in IRS Code Section 7701. Partnerships, for federal tax purposes, must have two or more partners. We are deleting your partnership filing requirement. In the future, the p+l should be reproted on the owner's income tax return.
Does this mean my LLC entity is incorrect?
Does this mean I need to pay the late fee for a form 1065 that's not needed?
TIA
From your facts, its seems you have a single member LLC. Generally, these are treated as "disregarded entities" for tax purposes. As a result, you do not file a Form 1065, but report any LLC activity on a Schedule C of the Form 1040.
To answer your final two questions, your LLC still protects you from personal legal liability and you do not have to pay the late fee.
Hope this helps.
LEGAL DISCLAIMER
Mr. Fromm is licensed to practice law in PA. The response herein is not legal advice and does not create an attorney/ client relationship. The response is only in the form of legal education and is intended to only provide general information about the matter within the question. Oftentimes the question does not include significant and important facts and timelines that if known could significantly change the reply or make such reply unsuitable. Mr. Fromm strongly advises the questioner to confer with an attorney in their state in order to ensure proper advice is received.
By using this site you understand and agree that there is no attorney client relationship or confidentiality between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed attorney that practices in the subject area in your jurisdiction and with whom you have an attorney client relationship. The law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance described in the question or omitted from the question.
Circular 230 Disclaimer - Any information in this comment may not be used to eliminate or reduce penalties by the IRS or any other governmental agency.
Don't speak legalese? We define thousands of terms in plain English.
Browse our legal dictionary