Tax return for a partnership LLC with no business activity
Do I need to file a tax return for a partnership LLC with no business activity? I've heard of a "No/Zero Activity Tax Return" but I want to get some clarification. Much appreciated!
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Eamonn McElroy
#5 Tax, SDIRAs & Cost Segregation Contributor
#5 Tax, SDIRAs & Cost Segregation Contributor
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Eamonn McElroy#5 Tax, SDIRAs & Cost Segregation Contributor
#5 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- Atlanta, GA
If a partnership has no items of income, deduction, or credit for the tax year, no federal income tax return is required. There may still be an obligation at the state and local level.
I highly recommend you work with a professional here if you have the slightest bit of doubt. Penalties and interest are not fun.