I incorporated my LLC in 12/07. I have generated no income, yet have a question regarding IRS reporting...?

Question

I just received the Schedule B (Form 941) from the IRS. Do I need to file for the last quarter of 2007, even though the LLC is new and has generated no income??

Thanks so much...

Answer 1

Did you pay any wages during the quarter? If not, disregard the form. Even though your LLC is new and generated no income, if you had employees and paid wages, you must file a Form 941.



Form 941 is a quarterly payroll tax return used to report wages paid & payroll taxes due. Schedule B reports only the payroll taxes & due date during the quarter.



The IRS sends a Schedule B if they received a Form 941 and want more information. And the IRS sometimes sends forms to "new" business'.



Good luck! Hope this is helpful.

Answer 2

Form 941 is for payroll taxes. If you had no employees and paid no wages you do need to file a zeroed out From 941 to keep the IRS off of your back. If your business is seasonal and you don't expect to pay taxable wages in all quarters, check the approrpiate box in Section 3. That way the IRS won't be looking for quarterly returns from you.



You can ignore Schedule B, that's for employers with HUGE payroll tax liabilities who are on a semi-weekly tax deposit schedule.

Answer 3

The 941 Schedule B is to pay employer taxes, i.e, employer match for social security. It is also used to report withheld payroll taxes. If you had no payroll in 2007, you do not have to fiel the form.