Tax question for LLC Partnership. Help!

[simonduz]

What is the name of your state? Ohio
2 of us started a small business (LLC) in June of 2004. We have spent 100% of our time creating a web site presence, doing market research, creating legal documents, contracts, etc. Therefore we have no income to report.

What we failed to realize is that there may have been some requirements for filing with the IRS on a quarterly basis even though we have no reported income. (which ones?) I thought there was only the 1065 form that was required after our first year of business.

Can someone PLEASE give me some advice on what we will need to do now that it is January 2005 and we had planned on filing our individual taxes claiming a portion of our business expenses? Also can someone provide some advice as to how we can get back on track so that we will be back on schedule and in good graces with the IRS in 2005?

Thank you.

 

[johnathandoe]

so what?

my guess is that if you dont owe the IRS any money, they wont care if you filed or not. who needs the additional paperwork!

similar thing happened to me--i didnt know i was supposed to file quarterlies. but in my first year, i had established the business (actually just a hobby) in the 3rd quarter and didnt make much money anyway.

the IRS eventually got it's money when i filed my annual return. they just got it later than sooner. if the IRS wants me to pay interest b/c i missed paying it earlier, that's fine b/c it was so little anyway.

someone told me that the penalty is just interest on what was not paid. he said they dont charge you a flat penlty rate for not filing, and then add interest. so interest on zero income is $0.00. you probably have nothing to worry about--BUT IM NO ACCOUNTANT OR LAYWER!