LLC as C-Corp A Form 8832 was submitted and approved for our new LLC last summer, but we failed to follow up with any of the requisite tax filings. How best to handle the situation, with April 15 bearing down? Apply for an extension and pay penalties for the missed filings? Find some way to "annul" the C-Corp status (60 months haven't passed, but we haven't really consummated the relationship, either) and file as a partnership with simpler pass-through tax requirements until further notice? (First-year revenue was about $100K, with about $20K left after expenses, but before compensating the members who did all the work.) |