IRS LLC Filing Requirements
Limited Liability Companies (LLCs) can be taxed in a variety of ways. One of the reasons that LLCs are so popular is because they offer the possibility of limited liability and pass-through taxation at the same time. LLCs may be taxed as sole proprietorships, partnerships, C corporations or S corporations. In many cases, the LLC will be able to select from more than one of these taxation options.
Single-Member LLCs
Single-member LLCs are automatically taxed as sole proprietorships by the IRS, unless they elect to be treated as corporations. If the LLC is taxed as a sole proprietorship, the LLC itself will not be taxed. However, all LLC profits (not income) will be treated as the member's personal income regardless of whether or not it remains in the LLC bank account at the end of the tax year. Furthermore, a self-employment tax of 15.3 percent on the LLC's net income will be levied against the member. Members of LLCs taxed as sole proprietorships must file IRS Form 1040 along with Schedules C, E and F.
Multi-member LLCs
Multi-member LLCs are automatically taxed as partnerships by the IRS unless they elect to be taxed as corporations. The LLC itself is not taxed, although it is required to file an informational tax return (Form 1065 and Schedule K-1). Members must file Form 1040 and report their proportionate share of LLC income from Schedule K-1. They are required to pay tax, including self-employment tax, on their share of LLC profits regardless of whether any income is actually distributed to them.
LLCs Treated as C Corporations
LLCs can elect to be treated as C corporations by filing Form 8832. In this case, the LLC itself will be taxed at corporate tax rates, and individual members will be taxed on income that they actually receive from the LLC, at individual income tax rates. The advantage of this arrangement is that members will be assessed self-employment tax only on income they actually receive from the LLC. LLCs electing to be taxed as C corporations must file Form 1120, and members must file Form 1040.
LLCs Treated as S Corporations
An LLC can elect to be treated as an S corporation (if it meets IRS standards) by filing Form 8832 and Form 2553 with the IRS. LLCs taxed as S corporations are not subject to corporate income tax. Members will be taxed at individual income tax rates on amounts that are actually distributed to them. LLCs electing to be treated as S corporations must file Form 1120S, and members must file Form 1040.
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