Annual Filing Requirements for Nebraska LLC

Learn about Nebraska LLC annual report and tax filing procedures.

To establish and operate a Nebraska limited liability corporation (LLC), you must prepare and submit a number of paperwork with the state. This article discusses the most significant continuing reporting and state tax filing obligations for Nebraska limited liability companies.

Annual Report

Every odd-numbered year, the state of Nebraska requires you to submit a biennial report for your LLC. The biannual report may be submitted either by mail or online. To utilize the online filing system, you’ll need your LLC’s state-issued SOS Account Number. The statement requires just a few pieces of information, such as the LLC’s major office location and the name and address of the LLC’s registered agent.

The biannual report is due on April 1 of odd-numbered years. The yearly report price is ten dollars. Payment by credit card is an extra $3 cost for online reports.

State Corporation Tax

Most LLCs are pass-through tax corporations when it comes to income taxes. In other words, the burden for paying federal income taxes is passed via the LLC to the individual LLC members. LLCs do not pay income taxes by default; only its members do. Some states charge LLCs a separate tax or fee for the privilege of conducting business in their jurisdiction. Nebraska, on the other hand, is not one of those states.

However, in certain situations, the owners of an LLC elect to have their firm taxed as if it were a corporation. This decision is made by submitting IRS Form 2553 to the IRS. (The form is available on the IRS website.) When an LLC elects to be taxed as a corporation rather than as a pass-through entity, the firm must submit a separate tax return. Nebraska, like almost every other state, has a corporate income tax. The corporation tax in Nebraska is normally computed using a modest series of marginal rates. This tax must be paid if your LLC is taxed as a corporation. The Nebraska Department of Revenue receives the state’s corporate income tax return (Form 1120N) (DOR)

Employer Taxes in the State

Do you have workers in your LLC? If this is the case, you must pay employer taxes. Some of these taxes are paid to the federal government (the IRS) and are not addressed in this section. (However, it is important to understand that federal employer tax duties begin with getting a federal employer identification number (EIN).) However, Nebraska employers must additionally pay state taxes.

To begin, you must withhold and pay employee income taxes to the DOR. Begin by registering your company using DOR Form 20. After you’ve enrolled, you must submit withholding taxes on a regular basis (typically monthly or quarterly). Each year, you’ll also need to utilize Form W-3N to balance your LLC’s tax withholding. Check out the DOR website for further information and forms.

You’ll also need to register to pay state unemployment insurance (UI) taxes. The Nebraska Department of Labor is in charge of these taxes (DOL). These taxes may be registered for online or on paper (UI Form 1). Then, using one of various forms of Form UI 11-T, you must submit quarterly reports. Check the DOL website for further information on how to pay these taxes.

Taxes on Sales and Use

If your LLC sells items to Nebraska consumers, you must collect and remit sales tax. This implies you’ll need to register with the Department of Revenue for this reason and then make yearly sales tax payments. Form 20 may be used to register. You will be awarded a sales tax permit after you have registered. Then you’ll have to submit a Local Sales and Use Tax Return on a regular basis (Form 10). This may be done online or by downloading Form 10 from the DOR website.

Other States Registration

If you want to do business in states other than Nebraska, your LLC may need to be registered in any or all of those states. The exact states concerned will determine if you are needed to register: each state has its own regulations for what defines conducting business and whether registration is required. For registration reasons, having a physical presence (a business location) in a state, recruiting personnel in a state, or soliciting business in a state (through telephone, print advertisements, mail, or the Internet) are sometimes considered conducting business. Obtaining a certificate of authority or comparable document is normally required for registration.