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Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Experience:  Nearly 30 years of varied tax industry exp. Tax Biz owner
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If I filed my taxes personal and rental unit business together,

Resolved Question:

If I filed my taxes personal and rental unit business together, but failed to file and pay the use tax of $800 $ for the LLC, how far back can they demand the use tax? And do I need to refile my rental unit business tax again ? Ftb is asking 2008 onward . And want me to "reinvent the wheel". Seperating my rental unit tax and personal, and refiling all over again... Is this right? Also property is under water and mortgage owed is greater than what property is worth. I want to dissolve the LLC, and put rental unit back in my name.
Submitted: 1 year ago.
Category: Tax
Expert:  Tax.appeal.168 replied 1 year ago.
Welcome. Thank you for choosing us to assist you. My name is XXXXX XXXXX my goal is to help make YOUR life, a little...LESS taxing.

Q: If I filed my taxes personal and rental unit business together, but failed to file and pay the use tax of $800 $ for the LLC, how far back can they demand the use tax?

A: The use tax? Do you mean the annual corporate tax ($800)? The statute of limitations is 10 years. However, in some cases, they could go back further than that.

------------------------------------------

Q: Ftb is asking 2008 onward . And want me to "reinvent the wheel". Seperating my rental unit tax and personal, and refiling all over again... Is this right?

A: Yes, they can do this.

------------------------------------------

Also property is under water and mortgage owed is greater than what property is worth. I want to dissolve the LLC, and put rental unit back in my name.

A: You can do this, but any taxes due will still need to be paid. To Officially dissolve the LLC, SEE BELOW:

How do I terminate (dissolve, surrender or cancel) my business entity?


California Limited Liability Company: File a Certificate of Dissolution (Form LLC–3) and Certificate of Cancellation (Form LLC–4/7), unless all the members vote to dissolve, in which case only Form LLC–4/7 is required; OR, in limited circumstances, a Short Form Certificate of Cancellation (Form LLC–4/8) may be filed.

REFERENCE SOURCE:

http://www.sos.ca.gov/business/be/faqs.htm

Link to Form LLC-3/instructions:

http://www.sos.ca.gov/business/llc/forms/llc-3_4-7_4-8.pdf

Please let me know if I can be of further assistance regarding these matters.

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Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 2535
Experience: Nearly 30 years of varied tax industry exp. Tax Biz owner
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