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I need help with business tax for my multi-member LLC. I…

I need help with...

I need help with business tax for my multi-member LLC

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I recieved a letter from the IRS saying i may be required to file a form 8804, 8805 and 8813 for my LLC However, none of the members are taking wages or any money from the company So I need help in that regard

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Thats about it

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Customer reply replied 28 days ago
My questions are
Do i need to file the said forms?
If so, would i report ECTI as 0$ ?
Answered in 1 hour by:
3/24/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,038
Experience: Adjunct Professor
Verified

Hey! I'm Carter, I'm a CPA and can help you with this.

Even though they did not receive any money, they are still required to withhold on their partnership interest. So, each foreign partner's ECTI will be the amount in Box 1 on the Schedule K-1.

Let me know if you need anything else. If not, please leave a rating. Thanks!

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Customer reply replied 28 days ago
Hello Caper,Thank you for your reply. I had a further question: How do I calculate the total withholding amount based on the ECTI? And can the LLC itself be the witholding agent?
Customer reply replied 28 days ago
Sorry for the incorrect name.

The withholding rate is 39.6%. So, ECTI * 39.6%.

Yes, the LLC is the withholding agent.

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Customer reply replied 28 days ago
The 1st box on my K1 is shows a loss amount of $2370 so total withholding will be $983? and is the amount payable to the IRS or all we do is report it

If there is a loss, then no withholding is required. You would just file the forms showing no withholding needed.

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Customer reply replied 28 days ago
Ahh i see. So in that case a form 8813 wont be required i guess? as its a Partnership Withholding Tax Payment Voucher
Right since no payment will be made.
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Hey! Just wanted to follow up to see if you needed anything else. If not, please leave a rating so I can get credit for helping you out. Thanks!

Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,038
Experience: Adjunct Professor
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