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Partnership

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Form 8752 Due

Fiscal Year End S Corporations and Partnerships need to file form 8752.

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Limited Liability Companies (LLCs)

Starting a new LLC or Limited Liability Company Shields

The decision to start your own business is a great step in life, and we are here to help. To be successful entrepreneurs need:

  • A great service or product to provide to the public
  • Guidance to find the intelligent way to structure the business

Poorly thought out business structures, often a Sole Proprietorship sometimes called a "Schedule C", can have taxes drain the life out of the core business, and expose the investors other assets to dangerous external liabilities. Fortunately, we have a tool that gives us great flexibility — the Limited Liability Company.

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What is a Form 8752 & Why Do I Need To File It?

"Form 8752 - Required Payment or Refund Under Section 7519" is certainly not the clearest form title.

Simply:

The IRS asks Fiscal Year, S Corporations, and Partnerships to file a Form 8752. The IRS then holds in an escrow-like account an estimate of you would have paid if you operated on a calendar year end. Essentially its like a security deposit that a landlord may require from a tenant.

However, since it is "in escrow" you receive a portion of the funds back if your profit decreases from year to year, and your receive the funds back in total if there is a tax loss or the business is dissolved. 

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