Archived
For submitting a W-9 as a single member LLC (classified as a disregarded entity) which TIN is OK to use?
Brian's answer
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Answered on April 17, 2014
No, the IRS generally wants to see the SSN/TIN of the owner of the disregarded entity. It sounds like the conflict arising here is with the other...
Archived
Was a sole proprietor who set up a Massachusetts LLC with a Federal TIN. Do I need to "wind up" the business?
Brian's answer
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Answered on April 15, 2014
Most single-member LLCs are "disregarded" for federal tax purposes, so they only file Schedules C even when they're "active." Therefore, there's no...
Archived
Do I have to file LLC tax return
Brian's answer
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Answered on April 15, 2014
Since the LLC has only one member, the issue of whether it files a return will depend on whether it's elected corporate tax treatment. In some...
Archived
SubChapter S: Only for Corporations? Can an LLC elect subchapter S?
Brian's answer
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Answered on April 14, 2014
Yes, an LLC can generally make an S corporation election; the IRS treats the election as a simultaneous election to be treated as a corporation for...
Archived
Corporation vs. LLC for giving equity to employees and raising funds.
Brian's answer
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Answered on April 14, 2014
There are many factors that go into a "corp v. LLC" choice-of-entity analysis, and I believe equity compensation is only a small factor. You can...
Archived
No sales tax was payed when I bought my mobile home 23 years ago. How can I see how much I owe, with penalties and such?.
Brian's answer
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Answered on April 14, 2014
That would be a difficult computation. If it was the dealer's responsibility to collect, and you weren't aware of a personal obligation to pay,...
Archived
What are the penalties by law to landlords who doesn't report to IRS or pay taxes for renting rooms, in the state of California.
Brian's answer
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Answered on April 14, 2014
The tax penalty would be the general interest and penalties for non-reporting of income and filing a false return. The actual computation is very...
Archived
Preferable method for drafting an admission partnership agreement?
Brian's answer
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Answered on April 14, 2014
Your issue/project is very common, but can be a relatively complex drafting exercise if your business attorney isn't *very* familiar with LLCs and...
Archived
Missed S Corp deadline, should I register new biz as LLC this year, then Corp next year?
Brian's answer
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Answered on April 14, 2014
The IRS has relaxed the procedures for making a late S corporation election (see link). Ideally, you should speak with an attorney about the...
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Archived
How do I determine how gifting/ forfeiting stock back to company differs from the redemption/repurchase concept?
Brian's answer
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Answered on April 14, 2014
In addition to the COI issues, you could have a serious federal/state income tax issue of whether any cancellation/forfeiture would result in...
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