Income Taxes for LLC - How to file for business and not mingle with personal taxes

[hrtc101]

State: New Jersey
I opened a single member LLC in New Jersey as a side small business last year.
I went to CPA and told him to file taxes and did make sure that I want to file taxes for the LLC but not mingle it with my personal tax returns.
In other words I want to leave the business money in business and pay whatever taxes incurred , federal and state and get done.
The CPA advised me that for that you have to file as 'S' Corporation and I have to now file some backdated forms etc.. etc.., I said ok whatever you need to do and obviously CPA charged me extra money for that.

Now the CPA sends me form for review and I noticed that he has not shown federal income taxes on the forms. I called him and asked why, he said that will go in personal
tax return. I argued with him and explained him that that's not what my goal was and we had conversation etc.. etc.. etc..

CPA now says that we cannot file taxes just for business and not show anything in personal return when you are Single Member LLC
CPA now says for that you have to have 'C' Corporation and because we filed S Corporation last week, this is not possible now.

I argued with him that here I am ready to pay taxes whatever it is and just don't want to mingle with personal tax return. There has to be a way.
CPA says no way

I really need help and direction on what should I tell this CPA to do now so that he does not rip me off and my goal of filing separate federal and state taxes as a part of the LLC is achieved and I don't have to show anything in personal return.

Thanks

 

[Zigner]

Who are you trying to defraud?

State: New Jersey
I opened a single member LLC in New Jersey as a side small business last year.
I went to CPA and told him to file taxes and did make sure that I want to file taxes for the LLC but not mingle it with my personal tax returns.
In other words I want to leave the business money in business and pay whatever taxes incurred , federal and state and get done.
The CPA advised me that for that you have to file as 'S' Corporation and I have to now file some backdated forms etc.. etc.., I said ok whatever you need to do and obviously CPA charged me extra money for that.

Now the CPA sends me form for review and I noticed that he has not shown federal income taxes on the forms. I called him and asked why, he said that will go in personal
tax return. I argued with him and explained him that that's not what my goal was and we had conversation etc.. etc.. etc..

CPA now says that we cannot file taxes just for business and not show anything in personal return when you are Single Member LLC
CPA now says for that you have to have 'C' Corporation and because we filed S Corporation last week, this is not possible now.

I argued with him that here I am ready to pay taxes whatever it is and just don't want to mingle with personal tax return. There has to be a way.
CPA says no way

I really need help and direction on what should I tell this CPA to do now so that he does not rip me off and my goal of filing separate federal and state taxes as a part of the LLC is achieved and I don't have to show anything in personal return.

Thanks

 

[hrtc101]

There is no question of defraud here.
I just don't want to show taxes on personal return and I simply want to leave that as a part of business.
I want to keep the business separate. Whats the problem in it
I am ready to pay taxes here.

I cant imagine that no one has ever done this out of several millions of people and its not a rocket science.
I can go to another CPA but this CPA has already done work so I want to get the return filed and get it over with..

Who are you trying to defraud?

 

[tranquility]

If I understand your facts correctly, you can't. The entity change form to elect your SMLLC to be taxed as a corporation is 8832. ( https://www.irs.gov/pub/irs-pdf/f8832.pdf )

If you follow it by my understanding of your facts, you first check:

1b

which takes you to 2a where answer "yes".:

which takes you to 2b where you answer "no":

Which tells you that you cannot currently make the election.

Now, the main fact I have an issues with is the timing and if your prior S-corp election (Form 2553?) was to be at effective at formation. Read the instructions for line 2b at the link for more.

 

[Zigner]

There is no question of defraud here.
I just don't want to show taxes on personal return and I simply want to leave that as a part of business.
I want to keep the business separate. Whats the problem in it
I am ready to pay taxes here.

I cant imagine that no one has ever done this out of several millions of people and its not a rocket science.
I can go to another CPA but this CPA has already done work so I want to get the return filed and get it over with..

You're trying to hide something from someone...