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Loren, Attorney
Category: Business Law
Satisfied Customers: 34057
Experience:  30 years experience representing clients .
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I am a Landman in Louisiana. I have an LLC that I am paid thru

Customer Question

I am a Landman in Louisiana. I have an LLC that I am paid thru and I haven't filed a tax return in three years. How can I correct this without it costing a furtune?
Submitted: 4 years ago via RocketLawyer.
Category: Business Law
Expert:  Loren replied 4 years ago.
Thank you for using JustAnswer. I am LawGuy and I will do whatever I can to answer your question.

Are these personal returns you are referring to?
Is the LLC a single member?
Customer: replied 4 years ago.

Yes. They are personal returns. The LLC includes my ex wife. She is the President and I am listed as the secretary, I think. We were both employed by the same company from 2008-2010. We separated in 2010 and she opened her own LLC to deposit her checks into. I have continued to use the original LLC to receive my income.

Expert:  Loren replied 4 years ago.
It is not really that complicated and not as uncommon a problem as you would think.

In your case, since you are a multi member LLC, you will need to prepare partnership returns for your LLC and issue K-1s and w2s to you and your wife (if that was not already done).

Filing a past due return may not be as difficult as you think. Taxpayers should file all tax returns that are due, regardless of whether or not full payment can be made with the return. you will, in all likelihood, be liable for penalties and interest. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment plan . All payment plans require continued compliance with all filing and payment responsibilities after the plan is approved.

You can prepare the returns yourself using a program such as Turbo Tax, but I would strongly recommend that you use a professional to get this done as soon as possible.

I hope this is helpful.