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I currently changed my LLC structure from a sole proprietor
I currently changed my LLC structure from a sole proprietor using my social security number on a W9 form from a vendor but recently changed it to a LLC S-Corp Partnership. They sent me another W9 to c… read more
Barbara
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I have an LLC business I registered through IRS an I need
I have an LLC business I registered through IRS an I need help on deciding the best form to be taxed, if form 8832 vs 2553 for my insurance business. I would appreciate the helpt … read more
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JeffS6413
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If an LLC files Form 8832, Entity Classification Election,
If an LLC files Form 8832, Entity Classification Election, and elects to be classified as an association taxable as a corporation, can the LLC then issue dividends the same as a C-corp would or disper… read more
Barbara
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I started selling products of Amazon and I need to get an
Hi there, I started selling products of Amazon and I need to get an EIN. I'm live in Las Vegas but was planning to move to Florida so I formed an LLC there. Have been having trouble getting the EIN. I… read more
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I filed Form 2553 around 12 days ago to convert my LLC which
I filed Form 2553 around 12 days ago to convert my LLC which is currently taxed as sole prop, to LLC S-Corp. I haven't heard back from the IRS on whether it has been approved or not but I'm getting a … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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I have a client who is currently a Sole Prop., but wants to
Hey Lane,I have a client who is currently a Sole Prop., but wants to be an S Corp starting 2020. What forms do I need to fill out for the IRS and California?Thanks,Kathleen… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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We formed an LLC in June 2018, and we didn't know we were
we formed an LLC in June 2018, and we didn't know we were supposed to submit form 8832 to elect for s-corp classiication. We have yet to file our 2018 return (we are filing for an extension) and we se… read more
Barbara
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Client was incorporated as a Disregarded entity in 2017.
Client was incorporated as a Disregarded entity in 2017. Client now wants to become an S Corp and wants me to go back to the date of incorporation for the company. When switching from an LLC disregard… read more
Barbara
Barbara
Enrolled Agent, Paralegal
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My tax accountant advised me to elect my LLC to be taxed as
My tax accountant advised me to elect my LLC to be taxed as an SCORP --> for the 2018 tax year --> but I don't want to do the accounting and paperwork that is required --> payroll, etc. -->… read more
PDtax
PDtax
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Master's Degree
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I am starting a business. I would like some help in deciding
Hi my name is ***** ***** I am starting a business. … read more
TaxRobin
TaxRobin
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Lane, I have a client who is a Single Member, LLC that is
Hi Lane,I have a client who is a Single Member, LLC that is not incorporated. He needs to know if he can take a payroll paycheck rather than a draw?I would like to know the same answer for a Sole Prop… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,951 satisfied customers
It is not a tax question per se. I just created an LLC. I am
It is not a tax question per se. I just created an LLC. I am a physician, solo practice and will be a private contractor with a Hospital. When I created the LLC, I did not create it as an S-corp, but that is what I want to do. However, it is not clear to me if I have to fill both the 8832 and the 2553 forms, or only the 2553 form. … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I have a simple but probably unusual accounting question I
I have a simple but probably unusual accounting question I am an American citizen and I'm interested in setting up an offshore LLC (like a Nevis LLC) to manage my personal investments (in stocks and bonds held in offshore brokerages) and also some consulting work that I do (consulting work is in the US). I would be the sole member. I understand that if I elect to be considered a disregarded entity (in form 2553 and/or form 2883) on my personal income tax return, I would report all income from the Nevis LLC on my Schedule C, but my understanding is that tax returns with Schedule C returns have a much higher risk of being audited (than returns with income on Schedule E, like income from an S Corp) - so as an American citizen is there any way to have a single member offshore LLC and report its income on my tax return like an S Corp's income (Schedule E) would be reported? If no, then if I had a multi-member offshore LLC, could I then report the offshore LLC income on Schedule E? Or is the tradeoff of owning an offshore LLC that the income gets reported on Schedule C and therefore increases the audit risk? … read more
Lane
Lane
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Doctoral Degree
20,951 satisfied customers
I formed an LLC back in April 2014 but didn't start 'using'
I formed an LLC back in April 2014 but didn't start 'using' it until fall of 2015. I used this entity to buy and sell residential real estate. My accountant brought it to my attention that, because th… read more
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Certified Public Accountant
Masters
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I am a clinical psychologist. Last year, 2014, I created an
I am a clinical psychologist. Last year, 2014, I created an LLC in the State of Hawaii, with a plan to start my own private practice. It is a sole member LLC (company name in initials: "PH") by IRS, a… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,951 satisfied customers
i have an llc and am a sole proprietor. I would like to switch
i have an llc and am a sole proprietor. I would like to switch to a S-corp. If I established my LLC in 2006 what forms do I need to fill out. FWIW I'm in Oregon Also, I saw somewhere if I file the cha… read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
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* tax law* I have an LLC that was previously taxed as a
* tax law* I have an LLC that was previously taxed as a sole proprietorship, but I am going to file for the tax election to be s-corp going into 2012. How does this affect the way I run my LLC? What e… read more
Rakhi Vasavada
Rakhi Vasavada
Financial and Legal Consultant
Bachelor's Degree
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Formed an LLC, wanted to be treated for tax purposes as an
Formed an LLC, wanted to be treated for tax purposes as an S corp, I thought you did not need to file the 8832 anymore and only needed to provide a 2253 election. Am I wrong?… read more
JKCPA
JKCPA
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Bachelor's Degree
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