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My husband has an LLC. He passed away a month ago. It is a

small business that our family...
My husband has an LLC. He passed away a month ago. It is a small business that our family worked at but it was only in his name. I have found out that although he paid quarterly taxes through payroll he never filed regular taxes every year. My children and I need the income from the business and can keep it going but not sure what to do. I dont want to be liable for his debt to the IRS
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Answered in 15 minutes by:
11/5/2013
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,871
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Robin D. :

Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.
Please accept my condolences.

Robin D. :

If your husband never filed a tax return but the payroll taxes were paid and he had wage withholding to cover his income then it may not be as bad.

Customer:

Thank you

Robin D. :

Did you file tax returns on your own.

Customer:

yes

Robin D. :

Then you would just need to file the prior years for him

Robin D. :

Did he have an accountant?

Customer:

okay what info will I need? He always said he would handle it but never did that we can find

Customer:

No he didnt. He lied about that

Robin D. :

You would need to get copies of the payroll records that shows he deposited withholding. If he did then he must have generated W2s for himself. The books of the company too are needed. If this was an LLC with one member (him) then unless he requested to be an S corp this is simple Schedule C filing.

Robin D. :

I hate to say it but you most likely want to retain a tax professional to assist you

Robin D. :

They woudl be able to take all the info and complete the returns

Robin D. :

If he did not file to be an S corp then he did not pay into the tax for employment because Sole Proprietors (Schedule C filers) do not have payroll on themselves. He may have been paying into it for family that worked there. Did they receive W2s?

Robin D. :

Are you still with me here?

Robin D. :

The systems says you are still IN CHAT.

Robin D. :

I will be here.

Robin D. :

Just post your responses when you are ready

Customer:

sorry I had a phone call. There were W2s and he got one also

Robin D. :

That's good

Robin D. :

That means that tax was paid to cover income

Robin D. :

This also most likely means the LLC was an S corp

Customer:

ok so what forms should I file?

Robin D. :

You have to make sure the S corp filed each year (1120S form)

Robin D. :

It may be that you are only lacking his personal return to file

Robin D. :

This means with teh W2s you could file for him teh missing years

Customer:

ok

Robin D. :

Get all the business records

Robin D. :

Make sure the filings were completed though

Robin D. :

If they were not then it is a good guess the IRS would have already contacted him

Robin D. :

The Form 2553 would have been used to request S corp status so look for that copy

Customer:

ok it was a recycling business so there was income made when metals were recycled. There wasnt any accounts really We bought drums to contain the metals but it wasnt a cash and carry sort of business

Robin D. :

Do you think he completed the payroll forms and the W2s himself (would he have ahd the experience to complete those)

Customer:

No there was a payroll company

Robin D. :

Then start with them and request any copies they have

Robin D. :

Someone would have needed to complete the 1120 form for the S corp

Robin D. :

The professional that assisted in registering the LLC too

Customer:

ok He only had the business a couple of years. Can my family and I keep the business going since only his name was on it or should we start our own?

Robin D. :

You may want to close his and start under your own name.

Robin D. :

This is going to be dependent on inheritance law in yoru state.

Robin D. :

your* sorry

Robin D. :

I cannot advise if you inherit automatically as that is outside tax

Robin D. :

If you are acting as executrix then yes you can continue operation untill eatste is complete

Robin D. :

estate

Customer:

ok He owned the building where everything was sorted and I assume that it will go to me once probate and all is done but I dont want to lose anything either. Should I contact the IRS or just file and see what they come back with

Robin D. :

If you know for sure he did not file then go ahead and file his past returns using the W2s you have

Robin D. :

As his surving spuose you are allowed to do that

Customer:

ok thank you for your help

Robin D. :

You are most welcome.
Your positive rating is always thanks enough.

Robin D. :

I really enjoyed working with you – please feel free to request me again when you come back to ask another question.
You will find the request feature when you come back under your MY QUESTIONS section.

Customer:

ok!

Robin D. :

Best wishes for you and your family

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,871
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
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Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,871
15,871 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

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