I recently formed a multi-member LLC with my business partner to run our consulting services in the U.S. Tax season is coming up and I’m unsure—what are the exact tax filing requirements for multi-member LLCs to stay compliant each year?
Answer by: abdullah-al-naim
2 months ago
A multi-member LLC acts as a partnership while filing with the IRS. The requirements to file a multi-member LLC are mentioned below:
Getting an EIN from the IRS,
Filing a federal tax return on Form 1065, U.S. Return of Partnership Income,
Distributing Schedule K-1 to each member, which shows their share of the company\’s profits, losses, deductions, and credits,
Filing individual tax returns (Form 1040) for each member, reporting their share of the company\’s income, deductions, and credits,
File your annual state return or franchise tax,
Paying required taxes throughout the year and avoiding underpayment penalties.
Each state may have specific requirements for LLC tax filings, so consult an experienced Tax expert or check with your state\’s tax agency for more information. If all these sound challenging, don’t worry. We have IRS-approved Certified Acceptance Agent (CAA).
Learn more on the following blog:
Claiming dependent on taxes
Learn everything about ITIN:
Purpose of ITIN
Get Your ITIN Through Bangladesh\’s First IRS CAA
