The Secretary of State’s Office requires that Nebraska Limited Liability Companies (LLCs), including those formed under Chapter 28-21, File an Annual Report with the Secretary of State s Office. This includes filing information about the following:
• Name of the LLC;
• Principal address of the LLC;
• Names and addresses of members;
• Type of entity;
• Purpose of formation;
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The IRS requires companies to submit an annual report called a biennial return. This includes information about the company, including financial statements, tax payments and employment data. In addition, it contains information about compliance activities taken against employees and others associated with the company.
Online Reporting – Free
If you are filing via the web portal, there is no fee. If you are filing by mail, the cost varies based on your number of employees. For example, if you have fewer than 50 employees, the filing fee is $50 per employee; if you have 50 or more employees, the filing fee increases to $100 per employee.
Fees Paid By Mail
For those filing by mail, the following fees apply:
• Small Business – $75 per person
• Large Business – $150 per person
• Nonprofit Organization – $25 per person
State Business Tax
Most LLCs are pass-through tax entities, meaning that they don’t pay any income taxes. Instead, the profits pass directly to the owners’ personal returns. But in Nebraska, LLCs do pay state income taxes. And it doesn’t matter how much money you make, because every member pays the same percentage. If an LLC makes $100K in sales, each owner owes 10% of that amount ($10K).
State Employer Taxes
To avoid paying federal employer taxes you must apply for an Employer Identification Number (EIN). This number is obtained by filling out Form SS-4. You will need to provide proof of identity and pay $5 per employee. You cannot file payroll tax returns if you do not have an EIN.
You must register your business with each state agency where you plan to employ workers. Each state requires a separate registration. Some states require monthly reporting; others require quarterly reporting. In addition, some states charge a fee to process your application. For example, New York charges $25.00 and California charges $15.00.
The Internal Revenue Service (IRS) does not collect state unemployment taxes. However, you must withhold state unemployment taxes from wages paid to your employees. These withheld amounts are reported on Form 941. You must reconcile your withholding amount with what you report on your quarterly Form 940. Failure to properly calculate your withholding could lead to penalties and interest.
If you hire one or more individuals whose combined income exceeds certain thresholds, you must pay both federal and state unemployment taxes. Federal unemployment taxes are calculated based on the total compensation received by the individual(s). In contrast, state unemployment taxes are based on the average weekly wage earned by the individual(s).
Sales and Use Taxes
Nebraska collects sales taxes on most items sold within the state. However, there are some exceptions. For example, you don’t owe sales tax on clothing purchased outside of the state. Also, you won’t pay sales tax on food consumed while traveling in Nebraska.
You’ll also need to collect and remit sales tax on certain items. These include:
• Any item bought from another state
• Items bought online
• Anything bought outside of Nebraska
If you sell items online, keep track of what you’ve sold. This way, you can report it to the department of revenue.
Registration in the Other States
If you want to form an S Corporation in another state, you’ll need to register there. Sometimes, you’ll also need to obtain a Certificate of Authority (COA). This is required if you want to operate in certain states. You’ll also need a COA if you’re planning to do business online.
What Is an Annual Report?
An annual report is a legal filing required of every publicly traded corporation. A company must provide a yearly annual report to shareholders detailing financial performance. This includes quarterly earnings reports, balance sheets, and income statements.
Companies track due dates, gather information, navigate paperwork, and prepare reports. Our managed service makes it easy to focus on growing your business. Our team handles everything—from data collection to due diligence to reporting. You just concentrate on running your business.
A Nebraska annual report is required by state law.
Failure to file an annual report can lead to penalties. Failing to file a yearly report is a Class B misdemeanor under Neb. Rev. Stat. § 21-1901(1). Filing a late annual report can result in a fine of up to $500 or imprisonment up to 30 days. In addition, failing to file an annual report could cause a corporation to lose its ability to do business in Nebraska. For example, if a corporation fails to file a yearly report, it cannot apply for a certificate of authority; therefore, it cannot transact business in Nebraska.
Companies must file an annual report within 45 days after the end of each calendar year. However, there are exceptions. An exception applies when the corporation is dissolved. If a corporation is dissolved, the director of the taxation must give notice of dissolution to the secretary of state no later than 60 days after the date of dissolution. This allows the corporation to continue doing business during the dissolution process. Once the dissolution becomes effective, the corporation ceases to exist, and the directors of taxation must send out a notice of dissolution to the Secretary of State.
The corporation continues to operate during the dissolution period, and the corporation’s existence ends once the dissolution is final. Therefore, a corporation does not need to file an annual report during the dissolution period.
If you think your organization might be subject to the requirements of the annual report, contact us today. We can help you determine whether your organization needs to file a yearly report.
How do I file a Nebraska annual report?
There are two ways to file a Nebraska annual report: self-filing or managed service. Self-filing means filing all required forms yourself. This method is entirely free and easy. You don’t even need to hire a professional to do it for you. However, there are some things you’ll want to know about self-filings.
The first thing to consider is whether you’re eligible to file a Nebraska annual return. If you’re incorporated in another state and doing business in Nebraska, you must file a Nebraska annual return regardless of where you live. You’ll need to determine if you’re subject to taxation in Nebraska if you’re included outside of Nebraska.
If you decide to go the self-filing route, here’s what you’ll need to do:
1. Obtain Form NEBRASKA 1040EZ – Application for Individual Income Tax Return.
2. Fill out the form and attach copies of your federal tax returns for the previous three years.
3. Mail the completed application and copies of your prior tax returns to the address listed on the form.
4. Print off a copy of your completed Form NEBRASKAN 1040EZ and keep it handy while you wait for your refund.
Frequently Asked Questions
Can I pay myself an annual salary from my LLC?
You can’t “pay yourself” a salary, but you can set up a payroll account for your business (or any other type of account) that will be used to pay bills such as rent, utilities, etc.
What Is an Annual Report?
An annual report is a document that provides information about the company’s financial performance for the year. It includes key financial and operational data, such as revenue, expenses, net income, earnings per share (EPS), cash flow, assets, liabilities, capital structure, and other relevant metrics. The annual report also contains management commentary on the business and its prospects.
What is an annual report due date for Nebraska?
The Nebraska Department of Health and Human Services (DHHS) must submit an annual report on the state’s health care system. The report, known as the “Annual Statewide Health Care System Review,” provides information about the state’s hospitals, nursing homes, home health agencies, hospices, long-term care facilities, and other health services.
James Rourke is a business and legal writer. He has written extensively on subjects such as contract law, company law, and intellectual property. His work has been featured in publications such as The Times, The Guardian, and Forbes. When he’s not writing, James enjoys spending time with his family and playing golf.