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Barbara
Barbara, Tax Preparer
Category: Tax
Satisfied Customers: 785
Experience:  Tax Preparer for 16 years; 25+ years experience as a real estate/corporate paralegal.
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Thank you for taking my question I have a question about tax

Customer Question

Thank you for taking my question
I have a question about tax requirements for an LLC located in NY Manhattan.

The LLC is a company that provides service, is not a vendor (not subject to sales tax), not a vendor, does not sale tobacco etc. .The company just provides consulting service by one member.
Other than the Bi annual filling and income tax returns in NY and Federal, does the company need to file a property tax return for asset that are used in a business?

I know that this is a common practice in other states such as VA, DC, MD . However, I was trying to go over the NY website and could not find this requirement at all. Am I missing something?
Also, what other requirements does this type of LLC has to follow in NY?

Please help
Submitted: 10 months ago.
Category: Tax
Expert:  Lev replied 10 months ago.

LEV :

Hi and welcome to Just Answer!
A limited liability company (LLC) is an unincorporated organization. The New York personal income tax and the corporate franchise tax conform to the federal income tax classification of LLC.


If that is a single member LLC and is not selected to be treated as a corporation - it doesn't file any federal income tax return - instead - all business income and deductions are reported on owner's individual income tax return - schedule C. Thus - no separate income tax return for the LLC.
Similarly for NY state income tax purposes - an LLC that is treated as a sole proprietorship must report its business income and expenses on the individual's New York State personal income tax returns. Thus - the LLC doesn't file and doesn't pay income tax return in NY.
However - the situation would be different if the LLC is treated as a partnership or as a corporation.
Here is teh publication you might want to be familiar - http://www.tax.ny.gov/pdf/publications/multi/pub16.pdf

Customer:

Thanks, XXXXX XXXXX question was "other than income tax". What about perosnal property tax being used in a business. The income tax portion is stright forward to me.

Customer:

Please advise

Expert:  Barbara replied 10 months ago.

Different expert here - Welcome and thank you for giving me the opportunity to assist you with your tax question.

 

Unlike many states, there is no personal property tax in New York; only real property is taxed.

 

My point of reference is http://www.tax.ny.gov/pit/property/learn/proptax.htm

 

I hope you find this additional information helpful. Thank you and best regards.

Customer: replied 10 months ago.


Thanks for your imput. Much appreciated.


Does the LLC have to fill out a form or submit anything for the Real property or the assestment suppose to come from the State / county?


 


What happens if nothign comes from the county?


 


What about other requirments for the LLC,othan than income tax and bi annual reporting. Does my type of LLC have to file anything else?


 


Please Please Please

Expert:  Barbara replied 10 months ago.

If there is real property in the name of the LLC, you should receive a bill from the taxing authority. Your best course of action would be to contact the county directly and ask them if they have anything on record for the LLC.

 

There is no income tax paid by the LLC. It is a disregarded entity for tax purposes. How did you elect to be taxed? Sole proprietorship? Corporation?

 

 

Expert:  Barbara replied 10 months ago.
I see you are now offline. Please follow up with me if you require further information or clarification. Thank you.
Customer: replied 10 months ago.


Thanks BKB,


I am not concern about the income tax requirments. My question is about other LLC requirments in NY. For example there is the bi annual filling requirments. Are there any other requriments that I will need to follow (other than income tax)?

Expert:  Barbara replied 10 months ago.

The requirements for an LLC in New York can be found at the following http://www.bizfilings.com/new-york/ongoing-llc-requirements.aspx. This link contains a wealth of information.

 

The filing requirement you referred to is biennial, which is every two years.

 

Please review this information and come back to me if you need further clarification.

 

Thank you and best regards.

Barbara, Tax Preparer
Category: Tax
Satisfied Customers: 785
Experience: Tax Preparer for 16 years; 25+ years experience as a real estate/corporate paralegal.
Barbara and 8 other Tax Specialists are ready to help you
Expert:  Barbara replied 10 months ago.
Just a short note to thank you for the excellent rating and very generous bonus. Both are most appreciated. If you need assistance in the future, please put "for bkb1956" in the subject line, and I will be happy to assist you. Recommendations to family and friends are also always appreciated.
Customer: replied 10 months ago.


Will do, thanks!

Expert:  Barbara replied 10 months ago.

It's been my pleasure.

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