Back Taxes Owed by a LLC

[bjwildcat]

I am a partner in an LLC. It is a small business that has brought in some money. We have filed personal taxes but haven't filed taxes for LLC.

Is there anywhere to find information on how to file back taxes for an LLC?
Any advice, I would really like to keep the business running, but I am worried that since it has been a few years there may be issues.

Thanks,

[flyingron]

I assume this is an LLC that you are treating as a partnership for tax purposes. A tax professional can prepare the tax documents for the partnership and you can file (or amend as the case may be) your personal taxes to reflect the partnership activity. As far as what state issues there are THERE IS A REASON THE FORUM ASKED THE NAME OF YOUR STATE.

[Bubba Jimmy]

Partners cannot finalize their individual tax returns until the partnership finalizes its own return (Form 1065) and issues them K-1 statments documenting what income they received from the partnership, and how that income is characterized. The same thing is true if the LLC elected to be taxed as an S corporation. Once you file tax returns for the LLC you should expect to have to amend your individual returns because they are certain to change. There is nothing special about filing back taxes for an LLC. You simply file the returns that should have been filed previously. The IRS will let you know if you owe any penalties.

I'm curious as to what you put on your personal return, since you didn't have the income from the LLC worked out yet. Where did you get the numbers to put on the personal return?

[bjwildcat]

Sorry, I didn't get the notification that responses have been posted...

My company resides in New Jersey.

For my personal taxes I have not filed any numbers on my personal return related to the business. I have never taken a paycheck from this business and instead our money just rolls over in our LLC bank account.

Thanks for any assistance.

[Bubba Jimmy]

You need some professional advice. It doesn't matter if you don't take money out of the LLC. You are taxed as a partnership, by default. If income is earned then taxes have to be paid, whether you leave the money in your business for growth or take it out and spend it.

I can guarantee you that when you finally do the tax returns required for your LLC you will need to amend your personal tax returns. This is not something you're going to resolve or completely understand on a message board, but you do need to educate yourself on how partnerships are taxed and how to handle the tax filings for the business. Paying someone now to help you will reduce the penalties that will apply if you put this off.