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American Essential Services has extensive experience in tax return preparation for for all business entities: corporations (1120 & 1120S), Partnerships 1065 and LLC’s as well as Non Profit 990 and Fiduciary 1041 tax returns.
What is an LLC?. It stands for Limited Liability Company. Very popular today, and most people have created an LLC for the additional liability protection.
LLC’s do not have share holders, only members and here starts the complexities. If there are two members or more then you file a 1065 as a tax return and the profits and or losses will be input into your personal tax return via a form called K-1, However if from the start you are only one person you can still be an LLC but you have to file a Schedule C and that puts you under the IRS microscope. Or you can chose to be treated as a corporation and as an 1120S.
If you are by yourself and still want to have a business entity as an LLC and file the appropriate form to be treated as an 1120S. The profits and/or losses also flow into your personal tax returns via a form called K1.
However, if you are truly an LLC and have multiple members, we can still create the LLC entity but you will need the services of an experienced attorney to create the paperwork (legalese) to protect the interests of all members of the LLC from each other.
And remember, since 2008 the IRS has now been enforcing the late filing penalties for all business returns that are not filed by March 15th of each year.
