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LLC Tax Returns
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After the formation of your LLC, administrative formalities with the state in which you have registered your entity must still be finalized.
As a director, manager or owner of a company, you are required to comply with certain rules and regulations, such as filing an annual report for your company. Some U.S. states impose this requirement on companies domiciled there (including Florida, Wyoming, etc.). American LLCs are no exception to this rule.
The filing of the annual report is mandatory in your state of incorporation. This is a financial report that must be filed annually or your entity will be dissolved and fined substantially for not filing. Therefore, it is recommended that you keep an eye on the calendar.
Expert LLC USA offers to prepare and file your U.S. LLC's annual report, to ensure that your filing complies with all applicable laws.
In addition to filing your annual report, fees must also be paid. These fees vary by state and can range from $9/year to $800/year. We advise you to do this when choosing the jurisdiction in which you are going to register your entity. Thus, to optimize your choice of state of domicile of your entity with the intention of reducing the costs, you can call upon our specialists.
The annual report can be submitted in two different ways. It can be submitted by mail or online when a procedure allows it. It is advisable to keep a copy for your business records, regardless of the method used.
If filing by mail, you must accompany the filing with a check or money order to pay the filing fee.
In case of online declaration, you can pay the tax due by credit card.
Filing the annual report on time will allow you to avoid penalties, which vary from state to state. If you choose to file by mail, you must take into account the postal delay.
The form of the annual report requirement depends on the states in which you have registered your U.S. entity. Indeed, some states require reports with a different periodicity, while others require true "annual" reports.
The filing deadline depends on the state agency responsible. Therefore, the report must be filed well in advance of the due date to avoid any possible late filing penalties.
The filing date also varies by state. Some require the annual report to be filed on a predetermined date for all entities, regardless of when they were created. Others require the annual report to be filed on the anniversary of the date of formation. To obtain your entity's specific due date, you should check with the state agency in the jurisdiction in which you registered your entity.
Your U.S. LLC's annual report can be prepared and filed by our specialists to ensure that your filing complies with all applicable laws.
Most states send a reminder to pay and file your annual report by the deadline. Therefore, it is recommended that you keep an eye on the calendar.
Moreover, if you have paid an agent to form your U.S. LLC, filing the annual report is still your responsibility to keep your entity in good standing. When you are a client of Expert LLC USA, your dedicated business manager will notify you (free of charge) of all deadlines related to your legal and tax obligations.
Contractors who fail to file their annual reports on time face consequences that differ slightly from state to state. The basic pattern remains the same, despite the varying time frames for updating.
The U.S. government may impose a late filing penalty on your company to encourage you to file your annual report as soon as possible. For example, in Florida, this penalty is $400. Generally, you will have a reprieve before the U.S. government takes further action against your entity. At this point, you must pay the late penalty and submit your annual report promptly.
However, if you continue to wait, you will lose your status and the state will proceed with the administrative dissolution of your business. As a result, you may lose your business license, your business name or be unable to obtain financing.
As a result, the IRS may discover your case and will scrutinize your tax returns.
If your LLC is dissolved by the U.S. government, you will have to file a reinstatement procedure with the appropriate state agency. If this is your case, do not hesitate to consult our experts.
Expert LLC USA proposes to accompany you in the finalization of your administrative formalities, in order to protect your rights at best.
Our specialists are able to constitute your file, to transmit the management report to the competent authority, to accompany the payment of the filing fees, or to provide a receipt of filing and good payment of the taxes due. The follow-up by the Expert LLC USA team will allow you to save time and will preserve you from any error, thus avoiding sanctions issued by the American tax authorities.
