Per Diem Rates from the U.S. General Services Administration
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Rates are set by fiscal year, effective October 1 each year. Find current rates in the continental United States ("CONUS Rates").
Tax Filing for an LLC
LLC Not Recognized by IRS
The IRS does not recognize a limited liability company as a business classification for federal tax purposes. This is why there is no federal tax form specifically for LLCs. The only business classifications recognized by the IRS for federal tax purposes are sole proprietorships, partnerships, and corporations.
Federal Tax Forms Filed by LLCs
Single-member LLCs that have not made an entity election to be treated as a C or S corporation are automatically treated as a sole proprietorship and file Schedule C annually to report business income and expenses. In other words, this is the default tax treatment for a single-member LLC.
Multiple-member LLC that have not made an entity election to be treated as a C or S corporation are automatically treated as a partnership and must file Form 1065 annually to report partnership income, deductions, credits, gains, and losses. Note that Form 1065 is an information return (no tax liability if figured on this form). In other words, a partnership is a tax-reporting entity and not a tax-paying entity.
Each partner (member)is issued Schedule K-1 at year-end which reports each member's share of the partnership's income, deductions, credits, gains, and losses. Each partner reports these items on their individual income tax return.
If Entity is Made
The owner of a single-member LLC and members of a multi-member LLC can elect to have the LLC taxed as a C or S corporation. If an election is made to be taxed as a C corporation (Form 8832 is filed with the IRS to make this election), Form 1120 must be filed annually to report business income and expenses. If an election is made to be taxed as an S corporation (Form 2553 is filed with the IRS to make this election) Form 1120S must be filed annually to report business income and expenses