I guess you still need to file your late MHLLC tax returns. Once you own your LLC, then even if its income is $0 or even less than $0.You need to carry your LLC tax records It's best for each year for business purposes. For example, suppose you had operating expenses, meaning you had a loss, but you had no income from your business.Then you can carry over loss from previous years. As long as you didn't elect to be taxed as S- corp or a C –corp, you don't need to file your federal level tax return.But you still must file your MMLLC returns with your state government; I guess many states usually treat LLCs as either S-corps or C -corps and require either a corporate or special LLC return each year, and charges LLCs in the state minimum state franchise fees. A penalty is assessed against the partnership if it is required to file a partnership return and it fails to file the return by the due date, including extensions or files a return that fails to show all the information required, unless there is a proper reason. For each failure to furnish Schedule K-1 to a partner when due and each failure to include on Schedule K-1 all the information required to be shown , then you are subject to a $100 penalty imposed with respect to each Schedule K-1 for which a failure occurs.
Can I escape this mess?====> NO; you still need to file your late tax returns of the MMLLC |