Single Member LLC
If you have a single member LLC, there are two forms that will need to be filed for your company: the Form 5472, and a pro-forma 1120. You can read about the Form 5472 in our post above for more information. The pro-forma 1120 is extremely basic, you only need to fill out the identification sections, but the majority of the return will be left completely blank.
Multi Member LLC
If you have a multi member LLC/partnership, there are also two forms that will need to be filed: a Form 1065 and a Schedule K-1. A 1065 is used to declare profits, losses, deductions, and credits of a business partnership for tax filing purposes.
A Schedule K-1 is a federal tax document used to report the income, losses, and dividends of a business' or financial entity's partners and shareholders. The Schedule K-1 document is prepared for each individual partner and is included with the partner's personal tax return.
C-corps
Lastly, if you have a C-Corporation, you will have to file a Form 5472 (same as a single member LLC), and a full Form 1120. Unlike Single Member LLCs, C-Corps must complete form 1120 in its entirety, which means attaching a full profit and loss statement with all transactions categorized.
Bookmate specializes in these types of business tax returns, and we can complete & file all of the forms mentioned above. Each one has a unique cost, so schedule a free consultation call or reach out via email to determine what the cost of your federal tax return will be. We look forward to working with you!
Next steps?
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