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In Sept. I began the process of building an internet

Customer Question
In Sept. I began the...
In Sept. I began the process of building an internet business with the New Era Business Network however it is not complete and I am cancelling. An EIN
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: Number but since the business will not be used will I have to send in a tax return. My EIN number is ***** the name for the business was to be Winchell Worldwide LLC
JA: Is there anything else important you think the Accountant should know?
Customer: Number on notice is CP575 Gname control for EIN is WINC. I am cancelling all business and will not continue witth an internet businessl
Submitted: 1 year ago.Category: Tax
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Answered in 3 minutes by:
1/5/2017
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,393
Experience: Certified Public Accountant
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Hi, my name is Mark. I will be happy to help you with your questions. Did you have any costs associated with the business?

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Customer reply replied 1 year ago
I paid a total of $5,545.00 for training services etc.
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

Do you plan on doing anything with the business in the future?

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

If you are a single member LLC and did not make an election to be treated as a corporation you would want to report these amounts on a Schedule C. You are able to expense up to $5,000 of organization costs. The remainder would be amortized over 15 years. However, if you close the LLC you would expense the entire amount.

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