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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1007
Experience:  Certified Public Accountant
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I just realized that I would have to submit 8804 and 8805 to

Customer Question

hi
I just realized that I would have to submit 8804 and 8805 to IRS for 2015. I have already submitted my tax returns in feb 29th 2016 for financial year 2015. Got the refund in may.
but just got a letter that need to send IRS 8804 and 8805.
I request you to please guide me that because 2015 filing is already done, do I just send 8804 and 8805 to them.
Because I never withheld taxes in 2015, is this enough?
For 2016 if I would like you to do the taxes for my company LLC and my and my wife's personal taxes, would you please be able to help me ? how much would you charge and how do I initiate it ? thank you very much, God bless.
Submitted: 3 months ago.
Category: Tax
Expert:  Mark Taylor replied 3 months ago.

Hi, my name is Mark. I will be happy to help you with your questions. From you description it sounds like you need to complete forms 8804 and 8805. Did the LLC have taxable income in 2015?

Customer: replied 3 months ago.
I have completed 8804 and 8805.
Yes LLC had taxable income towards which members paid estimated taxes in advance, the returns were accepted, processed and refund of the excess payments also received by the members in May 2016.
My question is because all the tax due was already paid, returns 1065 filed, returns 1040 filed for the members,
right now all I need to send is just 8804 and 8805 correct ?
Expert:  Mark Taylor replied 3 months ago.

I would assume that the taxes were paid individually and not via the LLC. Yes, you would only need to send in forms 8804 and 8805.

Expert:  Mark Taylor replied 3 months ago.

I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today.

Please let me know if you have any other questions or need clarification. I am happy to help.

Customer: replied 3 months ago.
thank you for your quick reply.
I sure will give you 5 stars rating.
for 2016, does the LLC withhold taxes and pay to IRS or
does the individual pay to IRS ?
Expert:  Mark Taylor replied 3 months ago.

If you have a foreign member of the LLC you would withhold 39.6% (for an individual) on the income associated to the foreign partner. Let's assume that the LLC has $20,000 of income for the first quarter of 2016 and that this is a two member LLC with one member being a US citizen and the other a foreign member. The company would need to withhold based on the foreign member's share of the withholding. So in the example $3,960. The payments would need to be transmitted on form 8813.

Customer: replied 3 months ago.
would you please answer to my first question part 2
For 2016 if I would like you to do the taxes for my company LLC and my and my wife's personal taxes, would you please be able to help me ? how much would you charge and how do I initiate it ? thank you very much, God bless.
Customer: replied 3 months ago.
how do I contact you, what is your email address and phone number?
Expert:  Mark Taylor replied 3 months ago.

I am a CPA located in Arizona. My name is***** I am prohibited form forming client relationships within the site. If you wanted me to prepare the tax return it would need to be outside of Justanswer.

Customer: replied 3 months ago.
ok
may I call you please?
Expert:  Mark Taylor replied 3 months ago.

Yes, you may call me. What is your email.

Customer: replied 3 months ago.
what number do I call to reach you
Customer: replied 3 months ago.
is this your contact ?
Address: 4302 E Mountain Vista Dr, Phoenix, AZ 85048, United States
Phone: +1(###) ###-####
Expert:  Mark Taylor replied 3 months ago.

yes