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Tickler List of LLC Action DeadlinesA Texas LLC must meet certain requirements and deadlines to avoid penalties. The calendar below lists many of these important dates. Our firm or your tax advisor can answer questions and help you with these filings. INITIAL ACTIONS Obtain an employer ID number by filing IRS Form SS-4. (When our firm forms your LLC, we will do this.) If the LLC wishes to be taxed as a corporation, and to use a noncalendar tax year, its very first IRS filing must elect the noncalendar year, even if the first filing is simply to request an employer ID number. Caution: If not asserted in the first IRS filing, the right to elect a noncalendar year is lost. Our firm does not ask about your LLC using a noncalendar year, as choosing to do so is rare. If no election is made, a multi-member LLC is taxed under the partnership rules (Subchapter K). Elect Subchapter S status (if desired) by filing IRS Form 2553. (Our firm, for an additional fee, will prepare and file the election form.) Caution: 2553 is due before the 16th day of third month (~75th day) of your tax year. File applications for a sales tax permit if needed, and for any other required licenses or permits, such as for environmental disposal, placing signs, liquor. (Some permits owned by a related proprietorship or partnership may be transferred to the LLC.) Obtain Worker's Compensation and general liability insurance; obtain casualty insurance for damage to your property. Your business may need other specialized insurance, such as directors and officers, malpractice, maritine, builders risk. This business may be an ideal place to fund health insurance and/or medical payments.15TH OF EACH MONTH Deposit tax related to employees' wages of previous month (income, Social Security, Medicare). Use IRS Form 8109. | JANUARY 31 Mail or give a wage statement, IRS Form W-2, to each employee of previous year. Pay any undeposited federal unemployment tax and file IRS Form 940 or 940-EZ. On IRS Form 941, report wages and tax related to empoyees' wages of previous quarter (income, Social Security, Medicare). Pay any undeposited withheld tax.Deposit federal unemployment tax for previous quarter if it is more than $100. Pay the previous quarter 's state unemployment tax and file "Employer's Quarterly Report" with the Texas Workforce Commission. FEBRUARY 28 With IRS Form W-3, report wage information to the Social Security Administration. Include copies of all W-2s. Make no payment. Mail or give K-1s to members. MARCH 15 If taxed under Subchapter C or S, pay IRS corporate income tax and file IRS Form 1120 (or 1120S). Alternative: file for a six-month extension, but estimated tax is due now. APRIL 15 If taxed under Subchapter K, file IRS Form 1065. Alternative: file for a six-month extension, but estimated tax is due now. APRIL 30 On IRS Form 941, report wages and tax related to employees ' wages of previous quarter (income, Social Security, Medicare). Pay any undeposited withheld tax.Deposit federal unemployment tax for the previous quarter if it is more than $100. Pay the previous quarter 's state unemployment tax and file "Employer's Quarterly Report" with the Texas Workforce Commission. |
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This memorandum contains general information and while the information presented is accurate as of the date of its publication, it cannot be relied upon as legal advice, as that can only be obtained through personal consultation with an attorney with whom you share your specific facts. Copyright © 2007 by Sterling A. Minor. All Rights Reserved. Last Updated: March 10, 2007
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