schirallicpa Posted June 13, 2023 Report Share Posted June 13, 2023 Client had started an Pennsylvania LLC and thought it was a corp. They had filed corp tax returns for this year and last (they didn't file in 2021 and felt they needed to.) Anyway - got notices back from IRS that it's not a corp, it's an LLC. Ok - There was no activity for the 2 years - do I really need to do anything? And now they want to dissolve it. I have found a form with a $70 fee to terminate the LLC in PA. Quote Link to comment Share on other sites More sharing options...
Lion EA Posted June 13, 2023 Report Share Posted June 13, 2023 You're getting all the [fill in the blank] ones this summer, aren't you?! 1 Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted June 13, 2023 Report Share Posted June 13, 2023 Multi member or single member? Partnerships don't have to file if they have no activity. Quote Link to comment Share on other sites More sharing options...
Lee B Posted June 13, 2023 Report Share Posted June 13, 2023 Form 1120, 1120 S, 1065 or Schedule C Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted June 13, 2023 Author Report Share Posted June 13, 2023 Partnership Quote Link to comment Share on other sites More sharing options...
mircpa Posted June 14, 2023 Report Share Posted June 14, 2023 @schirallicpa File retro 8832 to regard this as corporation. I believe in absence of 8832, IRS is regarding this entity as sole proprietor or partnership. At this time you can either file retro 8832 for it to be treated as corporation or amend tax return to sole proprietor (Sch C) or partnership. 4 Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted June 14, 2023 Report Share Posted June 14, 2023 11 hours ago, mircpa said: retro 8832 for it to be treated as corporation or amend tax return to sole proprietor (Sch C) or partnership The deciding factor might be whether they paid shareholder wages. The tax consequences of distributing assets upon liquidation will be different for corp. vs partnership. 1 Quote Link to comment Share on other sites More sharing options...
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