It depends on several factors!
First scenario: if your company is an LLC - Partnership (two or more members) and you didn’t have any transactions in your business bank account during the prior tax year, then your company won’t have to file taxes.
When we say business bank account, we mean: the business bank account opened in the US with your company's EIN.
Please take into consideration that if you did have transactions during this period, you have two paths:
- Had transactions but not profit: need to file only Business Tax Return.
- Had transactions and profit: need to file both Business and Individual Tax Return.
If you are not sure about your transactions, please contact our customer support.
Second scenario: if your company is an LLC - Disregarded Entity (only one member), you will need to file Business Taxes every year even if you didn’t have any transactions during the prior year. It would be necessary to file the Form 5472 + 1120 Proforma. Failure to present this Form can result in fines of up to U$ 25,000.00.
And if you had any transactions, in addition to the Business Tax, you will also have to file Individual taxes.
Third scenario: If your company is a C-Corp, then you must file taxes every year even without transactions.
(PS: C-Corp don’t need to file Personal Taxes, except in cases where profits are distributed among partners)
Note: We always recommend you first check our new Tax season Form, to know what obligations that your company needs to carry out.
Log in to your Portal at: https://portal.globalfy.com/
On the left menu, click on “2023/2024 Tax Season” and fill out the form with all your company information.
This is a smart form that will provide information on all the duties that your company might have during the current year, and it will allow you to hire/submit the request for such obligations.
Also, please keep in mind that depending on your plan, these services could be already included or not. If your plan includes this service then you must pay only for the State/IRS fees.
If you still have any questions or need further assistance regarding this topic, we are available to assist you. Simply click here to submit your support request and our team will assist you.