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Level 1

Is Turbotax right for filing a T2 on behalf of a USA based LLC that was a failed attempt at selling through Amazon in the USA?

I was running an Amazon FBA business last year through an LLC in the States (Single-member, so it flows through to me). As I understand it the CRA doesn't recognize the transparency of the LLC up here so that's fine. I'll file a T2 for it. I'm just not sure if TurboTax business incorporated it right for me. Here are some particulars.

1) The business failed. There are very few transactions in total (less than 100) to report. The company ceased trading and will be considered disolved when I do not renew it in Delaware (agent has resigned) The entire venture resulted in a loss. (and I realize said losses will be stuck...

2) There is both Canadian and USA bank accounts at play. again, very few transactions.

3) There was training and software access purchased for aprox $3200 CAD this is the only thing that could be considered capital held in the company but it's.

The only reason I'm asking about business incorporated is that I'm just needing to be compliant for this year. The business is no longer operating and eating another $2500 (minimum) for having an accountant do all this for me is adding insult to injury at this point.

So all that to say, based on what I just told you, do you think Turbotax business corporate will be able to handle the filing of this?

1 Reply
Level 1

Is Turbotax right for filing a T2 on behalf of a USA based LLC that was a failed attempt at selling through Amazon in the USA?

Hello,

The software is able to calculate foreign entries but to ensure this is the right fit please contact our support at 1-866-438-8020 thank you.