Delayed US tax returns: get your affairs in order quickly!

Many taxpayers are unaware of their obligations as a member of an US LLC. LLC tax reporting obligations should not be taken lightly.

The IRS (Internal Revenue Source) is very strict about errors or omissions in filing U.S. tax returns. As a member, even if the LLC is limited liability company, the members are personally liable for the taxation of the entity.

Some taxpayers are also fined in proportion to the number of members and the delay in filing their tax returns (even if the delay is only a few months).

What penalties do I risk if I don't file my tax returns on time?

The IRS imposes heavy penalties for any omission or error in a U.S. tax return for a U.S. LLC. Fines of up to $25,000 per year per form can be imposed.

There are ways to reduce the fine imposed by the IRS, by invoking your good faith in an amicable procedure.

Some taxpayers receive this type of mail (which we have anonymized for confidentiality reasons), an example of a delay of only a few months in filing tax returns:

How do I regularize my situation?

In order to regularize your situation (in the event of late or omitted declarations for certain years), it is imperative that you complete your tax returns.

Our specialists will prepare your tax forms for you, as well as a regularization file to demonstrate your good faith to the tax authorities.  

If you are behind in filing your tax returns as a partner, make an appointment now by clicking here:

Link to book a free appointment with a specialist

Our specialists will answer all your questions and tell you on the best way to proceed.