Useful Forms for Limited Liability Companies (LLC)

January 27, 2023

Business

Form Use this form to –
Schedule C (Form 1040) – Profit or Loss from Business Generally, when an LLC has only one member, the fact that it is an LLC is ignored or “disregarded” for the purpose of filing a federal tax return.Remember, this is only a mechanism for tax purposes. It does not change the fact that the business is legally a Limited Liability Company.

If the only member of the LLC is an individual, the LLC income and expenses are reported on Form 1040, Schedule C, E, or F.
Schedule E (Form 1040) Supplemental Income and Loss Generally, when an LLC has only one member, the fact that it is an LLC is ignored or “disregarded” for the purpose of filing a federal tax return.Remember, this is only a mechanism for tax purposes. It does not change the fact that the business is legally a Limited Liability Company.

If the only member of the LLC is an individual, the LLC income and expenses are reported on Form 1040, Schedule C, E, or F.
Schedule F (Form 1040) – Profit or Loss from Farming Generally, when an LLC has only one member, the fact that it is an LLC is ignored or “disregarded” for the purpose of filing a federal tax return.Remember, this is only a mechanism for tax purposes. It does not change the fact that the business is legally a Limited Liability Company.

If the only member of the LLC is an individual, the LLC income and expenses are reported on Form 1040, Schedule C, E, or F.
Schedule SE (Form 1040) – Self-Employment Tax LLCs filing Schedule C or F

  • Members of LLCs filing Schedule C or F are subject to self-employment taxes on earnings.

LLCs filing Partnership Returns

  • Generally, members of LLCs filing Partnership Returns pay self-employment tax on their share of partnership earnings.
  • There is a special rule for members who are the equivalent of limited partners. They pay self-employment tax only if the LLC pays them for services.

Use Schedule SE (Form 1040) to figure the tax due on net earnings from self-employment.
W-2 and W-3 – Wage and Tax Statement; and Transmittal of Wage and Tax Statements Employees of all LLCs are subject to withholding tax.Report wages, tips, and other compensation, and withheld income, social security, and Medicare taxes for employees.
W-2G – Certain Gambling Winnings Report gambling winnings from horse racing, dog racing, jai alai, lotteries, keno, bingo, slot machines, sweepstakes, wagering pools, etc.
941 ( 943 for Farm Employees) Employer’s Quarterly Federal Tax Return If you are an employer, you must file a quarterly Form 941 to report:

  • Wages you have paid,
  • Tips your employees have received,
  • Federal income tax you withheld,
  • Both employer’s and employee’s share of social security and Medicare taxes, and
  • Advance earned income tax credit (EIC) payments.

After you file your first Form 941, you must file a return each quarter even if you have no taxes to report.
940 or 940-EZ – Employer’s Annual Federal Unemployment (FUTA) Tax Return Report and pay FUTA tax if the corporation either:

  1. Paid wages of $1,500 or more in any calendar quarter during the calendar year (or the preceding calendar year), or
  2. Had one or more employees working for the corporation for at least some part of a day in any 20 different weeks during the calendar year (or the preceding calendar year).
1040 – U.S. Individual Income Tax Return See 1040 Instructions
1065 – U.S. Return of Partnership Income Most LLCs with more than one member file a partnership return, Form 1065. If you would rather file as a corporation, Form 8832 must be submitted. You don’t need to file a Form 8832 is you want to file as a partnership.
1096 – Annual Summary and Transmittal of U.S. Information Returns Transmit paper Forms 1099, 1098, 5498, and W-2G to the IRS.
1099-A, B, C, CAP, DIV, INT, LTC, MISC, OID, PATR, R, S and, SAImportant: Every corporation must file Forms 1099-MISC if, in the course of its trade or business, it makes payments of rents, commissions, or other fixed or determinable income (see section 6041) totaling $600 or more to any one person during the calendar year.

Also use these returns to report amounts received as a nominee for another person. For more details, see the General Instructions for Forms 1099, 1098, 5498, and W-2G.

 Report the following:

  • Acquisitions or abandonments of secured property;
  • Proceeds from broker and barter exchange transactions;
  • Cancellation of debts;
  • Changes in corporate control and capital structure;
  • Dividends and distributions;
  • Interest payments;
  • Payments of long-term care and accelerated death benefits;
  • Miscellaneous income payments to certain fishing boat crew members, to providers of health and medical services, of rent or royalties, of nonemployee compensation, etc.;
  • Original issue discount;
  • Taxable distributions received from cooperatives;
  • Distributions from pensions, annuities, retirement or profit-sharing plans, IRAs, insurance contracts, etc.;
  • Proceeds from real estate transactions; and
  • Distributions from an HSA, Archer MSA, or Medicare Advantage MSA.
1120 U.S. Corporation Income Tax Return Generally, when an LLC has only one member, the fact that it is an LLC is ignored or “disregarded” for the purpose of filing a federal tax return.Remember, this is only a mechanism for tax purposes. It does not change the fact that the business is legally a Limited Liability Company.

If the only member of the LLC is a corporation, the LLC income and expenses are reported on the corporation’s return, usually Form 1120 or Form 1120S
1120-S U.S. Income Tax Return for an S Corporation Generally, when an LLC has only one member, the fact that it is an LLC is ignored or “disregarded” for the purpose of filing a federal tax return.Remember, this is only a mechanism for tax purposes. It does not change the fact that the business is legally a Limited Liability Company.

If the only member of the LLC is a corporation, the LLC income and expenses are reported on the corporation’s return, usually Form 1120 or Form 1120S
8832 – Entity Classification Election If you prefer to file as a corporation instead of a “disregarded entity” Form 8832 must be submitted. Otherwise, you don’t need to file Form 8832.

Related Posts: