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RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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Overseas Business owner never lodged. (non activity)

Resolved Question:

Hi, I started a LLC about 18 months ago for tax lien investing and didn't end up doing anything with it. I have never lodged any tax related non activity statements or anything as I am actually living overseas and am not familiar with US tax. What forms do I need to lodge and how often?
I am also coming to the US in December and am worried that not having lodged a tax return may prevent me from getting a work visa. I have never received any IRS mail correspondence suggesting they were after me though.
Are there any penalties for not lodging a tax return I should be aware of?
Submitted: 7 years ago.
Category: Tax
Expert:  RD replied 7 years ago.
Chat Conversation Started
RD :

What State did you form the LLC in? IS this a single member LLC? Did you apply for a tax id#?

RD :

for the LLC?

JACUSTOMER-0l1ljbdl- :

I set it up in Nevada. Yes I am the only member. Yes I have an EIN for the LLC.

RD :

Since you are a single member LLC, it is considered disregarded entity meaning that you and the LLC are the same. If you did not have any business activity or US Source income than you are not required to file a US tax return. That being the case, you are not required to report anything for the single member LLC too.

RD :

So, you do not have to file anything for the single member LLC presuming you did not elect to file the LLC as a corporation

JACUSTOMER-0l1ljbdl- :

Ok then so when I actually earn money from the company then when are tax returns lodged? Is it once a year or quarterly?

RD :

The tax return is filed annually but if there is tax due than you are required to make quarterly estimated tax deposits.

RD :

Tax return is filed on Form 1040 and is due by April 15th of the following year.

RD :

Link on estimated tax

RD :

http://www.irs.gov/businesses/small/article/0,,id=110413,00.html

JACUSTOMER-0l1ljbdl- :

Cool thanks for that!

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