Hunzinger Accounting & Financial Solutions

You Down With LLC? Yeah You Know Me...

These days many businesses are set up as Limited Liability Companies (LLCs) or Limited Liability Partnerships (LLPs). LLPs are typically taxed as partnerships while LLCs can be taxed as an individual (on Schedule C), a partnership, an S Corporation, or a C Corporation.

New York State requires all LLCs and LLPs to file form IT-204-LL if they’ve had any income, gain, loss, or deduction from NY sources. There are filing fees for the IT-204-LL, which range from $25 - $4,500 per annum. For a chart of the fees as well as other information, visit the NYS website.

Form IT-204-LL must be filed within 60 days after the last day of your tax year. That makes March 3, 2014 the due date this year for all calendar year taxpayers (March 1st is a Saturday so there’s a couple extra days to get it done). There is no time extension allowed for filing the IT-204-LL so be sure not to dillydally.

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