Personal Property Return for Maryland single-member "disregarded entity" LLC

[hofopds]

Greetings,

I've been doing business for the past few years as a sole proprietor under my SSN and more recently with an FEIN linked to that (so for 1099 payments I wouldn't have to give out my SSN).

I filed to create an LLC in October last year (I want to begin separating business and personal finances, income, expenses, etc.), and I received the paperwork that it was approved and active from Maryland on 1/5/2014 (that was the date on the paperwork). I originally thought that meant my LLC was active as-of 1/5/2014, meaning I would first have to file my Personal Property Return (with the $300 fee) to Maryland on April 15, 2015 (for the 2014 tax year).

Looking back at the Maryland business records however, it looks like filing to establish an LLC seems to cause it to be retroactively created as-of the date of filing, not as-of the date of acceptance? Which means I need to submit a back property return to Maryland (with $300 fee) for 2013 (since I've already missed the 4/15/14 filing date), even though I didn't do any business as my LLC in 2013.

Two questions:

1. Is this correct (I will need to file the Personal Property Return for 2013 in my case)?

and

2. The Personal Property Return form asks for my LLC's Federal Employer Identification Number. From my research, I've got two FEINs that relate to my business--my original Sole Proprietor FEIN tied to my SSN that I will be using for all taxable income (if a client issues me a 1099, I believe I'm supposed to use this EIN so the income will be linked back to my personal return since I'm planning on filing with my LLC as a disregarded entity). The other FEIN I just established and is tied to my LLC to be used for establishing bank accounts, possible future lines of credit and paying payroll taxes to the federal government if applicable down the road.

I'm not sure which one would be the correct one in this case and googling around for the past hour hasn't yielded anything helpful

Thanks so much!!

-Paul

[Pacun]

Sit down with your accountant or tax preparer and he will be able to give you a better answer.

[kcjenkins]

Paul, I'm not familiar with MD so can't help with #1, but for #2, I'd use the LLC EIN for the Personal Property Return form, and any other form related to the LLC.

[Jack from Ohio]

Paul,

Seek out the help of an experienced tax professional familiar with MD taxes especially the personal property tax aspect of your questions.

This is a discussion board for tax professionals to help each other with information and problems.

You will be hard pressed to find folks in our profession willing to give away the very knowledge and experience we use to earn our living. Our skill, information and knowledge are developed from years of experience and training.

Seek out the help of an experienced tax professional familiar with MD taxes especially the personal property tax aspect of your questions.