can a irrevocable trust also be a limited liability company - Spidell

can a irrevocable trust also be a limited liability company

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Message Board can a irrevocable trust also be a limited liability company

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    • #250044
      jackson behar
      Participant

      i have a client whom i have had  for many years. in 2018 ( the year which i am currently preparing the tax return for, became a llc. i use lacerte software to process my tax returns. they have indicated to me that it is not possible using their software to file this trust as a lllc. i spoke to my clients law firm and the partner  told me to file as a single member llc as a disregarded entity, however it is not possible to do that with lacerte software. so my questions to spidells are.

      is it legally correct to file this irrevocable trust as a disregarded single member llc ?

      does spidell have any forms available that will permit me to do this if it is legal ?

      thank you for your time

       

       

    • #250111
      Diane White
      Participant

      Have you tried preparing the Form 568, mark the box as a trust and fill out the single member information?  Then like an individual federal return, report the income from the LLC on a Schedule C, E or F – whichever is appropriate. I have used Lacerte and I believe that is the workaround.

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