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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1644
Experience:  Certified Public Accountant
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If an LLC was formed in September of 2015, and there no

Customer Question

if an LLC was formed in September of 2015, and there no money or accounts set up until January 2016, does it need to file for income taxes?
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: like what?
JA: Is there anything else the Accountant should be aware of?
Customer: No, I don't think so
Submitted: 5 months ago.
Category: Tax
Expert:  Mark Taylor replied 5 months ago.

Hi, my name is Mark. I will be happy to help you with your questions. Please give me a moment to prepare your response.

Expert:  Mark Taylor replied 5 months ago.

How is the LLC treated for tax purposes (LLC, Corporation, S-Corporation, or disregarded entity)?

Customer: replied 5 months ago.
I just had it converted to a c Corp today
Customer: replied 5 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Mark Taylor replied 5 months ago.

Prior to the conversion what was the LLC treated as?

Customer: replied 5 months ago.
I just sent you a photo
Expert:  Mark Taylor replied 5 months ago.

Are you the only owner of the LLC?

Customer: replied 5 months ago.
Expert:  Mark Taylor replied 5 months ago.

Did you make an election for the LLC to be treated as a S-Corporation?

Expert:  Mark Taylor replied 5 months ago.

As long as the LLC was not a corporation or S-corporation, you would not have to file a return for 2015 if you did not have any income or expenses.

Customer: replied 5 months ago.
No, not in 2015, I just applied for the conversation today
Customer: replied 5 months ago.
It only has me as the agent/owner
Expert:  Mark Taylor replied 5 months ago.

So as a single member LLC, the IRS would threat the entity as a disregarded entity. If you had any activity you would report this on your personal return on schedule C. Since you had no activity you would not be required to file a schedule C. Next year you would need to file for 1120. Did you have any activity for 2016?

Customer: replied 5 months ago.
we are having activity
Expert:  Mark Taylor replied 5 months ago.

What is the effective date of the conversion to a C-Corporation?

Customer: replied 5 months ago.
Today
Expert:  Mark Taylor replied 5 months ago.

You would need to report the business activity from the beginning of the year to yesterday on schedule C of your 1040. You would also need to file a 1120 for the activity from today to the end of the year.

Expert:  Mark Taylor replied 5 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.

Customer: replied 5 months ago.
Thank you
Expert:  Mark Taylor replied 5 months ago.

It was my pleasure. I am happy to help