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VA online Form 1041: What You Should Know
The estate and its beneficiaries, are considered open for tax purposes beginning on the date the first return was filed, and continuing back through the date the final filing was made. This date may or may not match the date the trust is treated as an LLC (or trust) or partnership. In this example, under our earlier example, your trust was classified as a partnership on July 31, 2018. If you pay the taxes on July 31, 2018, your trust would be considered open for taxes in 2019, 2023 and 2020. You would file an annual 1040X using Form 1041 by April 15, 2019, or else you would file your trust's 2023 Form 1041 by the end of the tax year that includes the date you pay your taxes. There's no need to re-file Form 4668 or Form 5471. The trust will not be classified as an LLC, corporation, or other entity during those tax years. Taxes The main tax-related questions about an LLC is whether the LLC is or is not recognized as a “corporation,” “trust,” “business organization” (B/O) or “unincorporated association” (I) for federal income tax purposes. “Corporation:” The LLC will be treated as a “corporation for federal income tax purposes” whether it's treated as a “corporation” for New York state law purposes, or if the LLC's Articles of Incorporation are approved by a court that holds that the LLC is a “corporation.” “Trust:” There's no legal difference between a “trust” for New York state law purposes and a “trust” for federal tax purposes. “Business Organization: (B/O)” or “Unincorporated Association”: If the LLC's Articles of Incorporation are not approved by the court that holds that the LLC is not a “corporation” for federal income tax purposes, or if the LLC's Articles of Incorporation are not approved by the court that holds that the LLC is not a “corporation” for New York state law purposes, and if the LLC's Articles of Incorporation are not “accepted” for filing by the LLC's registered agent, the LLC will not be classified as a “corporation” for tax purposes.
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