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Updated almost 5 years ago,

User Stats

83
Posts
35
Votes
Lior Golan
  • Investor
  • Tel Aviv, Israel
35
Votes |
83
Posts

Sending tax documents on an LLC incorporated 2 weeks before 2020

Lior Golan
  • Investor
  • Tel Aviv, Israel
Posted

Hello Everyone,

A few months ago I entered into the whole world of investing in Rentals and because I want to have more than just 2-3 properties in my portfolio in the next years, I decided to establish an LLC.

I established in on December 17th, 2019 but I didn't have any transaction or anything with the LLC until February 2020 when I bought my first rental.

I am of course decided to do a search for a CPA that will help me out with my goals and of course to help me with taxes. After talking with a few, some of them advised me to send tax documents (I don't what is the right term in English so forgive me about that :)) on my LLC for 2019 and some told me that it's ok not to send because I didn't have any activity on my LLC in 2019...

The one that advised me to do send, told me that if I won't send and the IRS will audit me, I could pay a fee of 25,000$!! 

So from your experience, what do you think I should do?

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