This discussion has been locked. No new contributions can be made. You may start a new discussion here
If the single-member LLC is owned by a corporation or partnership, the LLC should be reflected on its owner's federal tax return as a division of the corporation or partnership.
Hi there,
Can you please assist. I have a single member LLC that is owned by another multi-member LLC, how and where do I efile the CA tax return?
Thank you.
@nethespiritu You should likely contact a California tax professional. https://www.ftb.ca.gov/file/business/types/limited-liability-company/index.html gives some information, but this may not really be something to try on your, especially with one owned by another.
Hi George4Tacks,
This is not an FTB question.
My question is how to efile it within Proseries if the SMLLC is owned by a multi-member LLC. I understand that if the SMLLC is owned by an individual that you can efile it with the individual's Form 1040. How about if the SMLLC is owned by multi-member LLC, how can it be efiled?
Thank you
Thank you
@nethespiritu You should ask in ProSeries portion of the forum.
How does the multi member file? It would be including in that filing, since the SMLLC is disregarded.
Start a new question in ProSeries. How does a (Partnership) (S-Corp) (Corp) .... report the income of a SMLLC that is owns?
Each of the SMLLC may have to file a separate state filing (such as 568 for CA) and you may or may not be able to do that in PS.
Per PS rep, PS does not support the efiling of SMLLC within the multi-member PSP/LLC, it needs to be efiled with the tax matter partner/partnership representative (PR) personal tax return.
How is that accomplished in LaCerte? The IRS does not provide clarification in these matters: If the single-member LLC is owned by a corporation or partnership, the LLC should be reflected on its owner's federal tax return as a division of the corporation or partnership.
LaCrete is not allowing the SMLLC name or EIN to transfer over to the 8825 on the partnership return. Looking for direction.
@REman You should start any question for a specific software HOW TO in that software section. For Lacerte it would be at https://proconnect.intuit.com/community/lacerte-tax/discussion/03/302
If the LLC is owned by the corporation (partnership), then it is a disregarded entity and all of its activities would be reported as part of the Corporate (partnership) return.
lF the LLC is a partner in a partnership, then it can be identified as DISREGARDED ENTITY or as an LLC with the type of entity that LLC is. Start in screen 7, Miscellaneous Info
The SM LLC owns 75% of a business and is part of a TIC, not a partnership; however, the SM LLC is owned by a partnership. We believe the SM LLC activity should flow to the 8825 on the partnership return. We believe this to be the correct course of action. Agreed?
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.